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Hang Seng index managed to hang on to 17000 points just barely.
The market opened lower on Tuesdday. Hang Seng index opened down 44 points, H share index down 15 points and technology index down 2 points. The market was range bound. HSBC lost 0...
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Hang Seng index managed to hang on to 17000 points just barely.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Tuesdday. Hang Seng index opened down 44 points, H share index down 15 points and technology index down 2 points. The market was range bound. HSBC lost 0.74% for 13-point loss. Wuxi Apptec rose 2.96% to lead the gainers. Mngniu lost 1.33% to lead the losers. Shanghai composite opened down 8 points. The market fell further after opening as Hang Seng index lost more than 100 points. CNOOC lost 2.4% for 13-point loss. CCB lost 1% for 10-point loss. HSBC lost .82% for 14-point loss. Tencent lost 0.9% for 12-point loss. Wuxi list of shares rose. Wuxi Apptec roes 6.1% and Wuxi Biologics rose 3.8% to lead the gainers. Li Auto rose 1.2%. However, other auto shares fell. BYD lost 1.2%. XPeng lost 1.7%. Nio lost 2.3%. Geely lost 0.7%. The market fell further in midmorning as Hang Seng index lost more than 200 points. HSBC lost 1.56% for 28-point loss. Meituan lost 2.1% for 22-point loss. Alibaba lost 1% for 13-point loss. CNOOC lost 3.2% for 17-point loss. CCB lost 1.3% for 13-point loss. BYD lost 3.5% for 14-point loss. Tencent lost 1.2% for 17-point loss. Shanghai composite index closed the morning down 15 points. Hang Seng index closed the morning down 199 points, H share index down 84 points and technology index down 47 points. Turnover was $45.3 billion.

The market was little changed in the afternoon. Hang Seng index lost more than 200 points. Meituan lost 1.8% for 19-point loss. HSBC lost 0.67% for 12-point loss. Tencent lost 1.3% for 18-point loss. CNOOC lost 3.3% for 17-point loss. Xiaomi lost 3% for 12-point loss. BYD lost 2.86% for 11-point loss. Hang Seng index fell to a low of 16971 points, down 266 points and fell below 17000 points. Local properties fell. Hang Lung reported 56% fall in interim profit and cut dividend by 33%. Share price crashed 11.7% to become the top loser. New World lost 4.1%. SHK Property lost 3.8%. Consumption stocks fell. Mengniu lost 6.5%. Haidilao lost 3.65%. Haier Smarthome lost 2.9%. Antta Sports lost 2.9%. Metal shares fell. China Hongqiao lost 3.6%. Chalco lost 3.2%. Jiangxi Copper lost 2.2%. MMG lost 2.9%. Shanghai composite index closed down 12 points. Hang Seng index closed down 235 points, H share index down 94 points and technology index down 52 points. Turnover was $90 billion.

Overnight, overseas markets were mixed. DAX rose 90 points and CAC rose 31 points, but FTSE lost 18 points. US markets were mixed. Investors await for mega cap’s results announcement. Dow Jones rose 203 points but S & P lost 27 points and Nasdaq lost 207 points. Hong Kong ADR’s rose 20 points. Night future rose 25 points. We expect the market to rise today.
 
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