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The market was range bound.
The market opened slightly lower on Wednesday. Hang Seng index opened down 40 points, H share index down 21 points and technology index down 23 points. Xiaomi lost 1.4% for 11-poin...
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The market was range bound.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly lower on Wednesday. Hang Seng index opened down 40 points, H share index down 21 points and technology index down 23 points. Xiaomi lost 1.4% for 11-point loss. HSBC lost 0.56% for 8-point loss. Alibaba lost 0.52% for 8-point loss. On the other hand, Tencent rose 0.49% for 7-point gain. The market was little changed after opening. Hang Seng index lost under 100 points. Alibaba lost 1.35% for 19-point loss. Xiaomi lost 1.65% for 11-point loss. Auto shares fell. Geely lost 3.24% to become the top loser. BYD lost 0.4%. Li Auto lost 0.8%. XPeng lost 2%. Nio lost 4.6%. However, Dongfeng rose 2.5%. Handset suppliers rose. Sunny Optical rose 1.3%. BYD Electronics rose 2.3%. AAC rose 2.67%. Pharmaceutical shares rose. Hansoh Pharm rose 4.1% to lead the blue chips. Sino Biopharm rose 3%. Sinopharm rose 2.2%. CSPC rose 1.3%. Wuxi Apptec rose 1.1%. SPROCOMM(1401) crashed 90% after the SFC declared the company’s shareholdings were too concentrated. The market turned from loss to gain in midmorning. Meituan rose 0.99% for 16-point gain. Tencent rose 0.93% for 14-point gain. Ping An rose 1.2% for 6-point gain. AIA rose 1.13% for 12-point gain. On the other hand, Xiaomi lost 2.57% for 21-point loss. Alibaba lost 1.3% for 19-point loss. The market fluctuated between gain and loss, within narrow ranges. Shanghai composite index closed the morning up 18 points. Hang Seng index closed the morning down 22 points, H share index down 16 points but technology index up 1 point. Turnover was $60.4 billion.

The market was little changed in the afternoon, as Hang Seng index lost under 50 points. Xiaomi lost 2.65% for 21-point loss. Alibaba lost 1.4% for 21-point loss. HSBC lost 0.56% for 8-point loss. On the other hand, Tencent rose 0.9% for 13-point gain. AIA rose 0.87% for 9-point gain. Meituan rose 0.64% for 10-point gain. Weibo’s net profit for the first three quarters rose 13%. Share price rose 8%. Kingsoft’s third quarter profit rose 13.5 times. Share price rose 9.4%. Kingsoft Cloud’s third quarter loss widened to $1.06 billion. Share price soared 32%. The Market turned from loss to gain in late trading. Meituan and Tencent led the rally. Meituan rose 1.74% for 30-point gain. Tencent rose 1.57% for 24-point gain. Pharmaceutical shares rose. Sino Biopharm rose 5.2% to lead the blue chips. Hansoh Pharma rose 4.8%. Sinopharm rose 3.1%. Wuxi Biologics rose 1.6%. CSPC rose 1.35%. Shanghai composite index closed up 17 points. Hang Seng index closed up 41 points, H share index up 8 points and technology index up 18 points. Turnover was $114.6 billion.

Overnight, European markets fell on worries over the Ukraine war. DAX lost 55 points. CAC lost 31 points and FTSE lost 14 points. US markets were mixed. Dow Jones rose 139 points, and S & P was flat. However, Nasdaq lost 21 points. Hong Kong ADR’s lost 135 points. Night future lost 97 points. We expect the market to fall today. 
 
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