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The HK market fell due to weakness in technology stocks..
The market opened slightly higher on Monday. Hang Seng index opened up 77 points, H share index up 39 points and technology index up 29 points. Meituan lost 0.72% for 11-point loss...
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The HK market fell due to weakness in technology stocks..
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly higher on Monday. Hang Seng index opened up 77 points, H share index up 39 points and technology index up 29 points. Meituan lost 0.72% for 11-point loss. On the other hand, Xiaomi rose 1.93% for 16-point gain. CCB rose 0.68% for 7-point gain. BYD rose 1.55% for 7-point gain. Li Auto rose 3% to lead the gainers; while New World Development lost 1.87% to lead the losers. Shanghai composite index opened up 6 points. The market was little changed after opening as Hang Seng index gained under 100 points. AIA rose 1.87% for 17-point gain. BYD rose 3% for 13-point gain. Alibaba rose 0.86% for 12-point gain. Meituan lost 0.96% for 15-point loss. Xiaomi lost 1.5% for 13-point loss. Tencent lost 0.6% for 9-point loss. Sunny Optical rose 3.3% to lead the blue chips. AAC rose 3%. New World was kicked out of the blue chips index. Share price fell 3.3% to lead the losers. On the contrary, Kuaishou was included in the Hang Seng index. Share price rose 2.6%. Similarly, New Oriental was included in the Hang Seng index. Share price rose 3.1%. A shares turned from gain to loss in midmorning. Hong Kong market followed. Hang Seng index turned from gain to loss. Meituan lost 4.4% for 68-point loss. Tencent lost 1.05% f or 15-point loss. Xiaomi lost 1.75% for 14-point loss. JD lost 3% for 11-point loss. Shanghai composite index closed the morning down 1 point. Hang Seng index closed the morning down 98 points, H share index down 36 points and technology index down 32 points. Turnover was $78.2 billion.

The market’s fall narrowed in the afternoon, as Hang Seng index lost under 50 points. Meituan lost 3.5% for 58-point loss. Tencent lost 1.25% for 10-point loss. Xiaomi lost 2.3% for 17-point loss. JD lost 2.76% for 10-point loss. On the contrary, Alibaba rose 1.48% doe 21-point gain. CNOOC rose 2.7% for 12-point gain to lead the blue chips. China Mobile rose 1% for 7-point gain. Kingsoft Cloud was upgraded by broker. Share price rose 5%. Popmart rose 5.2% on broker upgrade. Auto shares rose. Dongfeng Motor rose 8.4%. Nio rose 3.8%. Geely rose 1.7%. Li Auto rose 1.2%. Shanghai composite index closed down 3 points. Hang Seng index closed down 79 points, H share index down 24 points and technology index down 10 points. Turnover was $183.3 billion.

Overnight, overseas markets rose. DAX rose 83 points. CAC rose 2 points and FTSE rose 30 points. US markets rose on lower interest rates. Dow Jones rose 440 points. S & P rose 18 points and Nasdaq rose 51 points. Hong Kong ADR’s rose 114 points. Night futures rose 113 points. We expect the market to rise today.  
 
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