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The US Government imposed 10% tariff on small parcels from China and Hong Kong.
The Hong Kong market rose on Wednesday. Hang Seng index opened up 38 points, H share index up 9 points but technology index down 1 point. Meituan rose 2.1% for 29-point gain. Aliba...
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The US Government imposed 10% tariff on small parcels from China and Hong Kong.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market rose on Wednesday. Hang Seng index opened up 38 points, H share index up 9 points but technology index down 1 point. Meituan rose 2.1% for 29-point gain. Alibaba rose1.4% for 25-point gain. Xiaomi rose 1% for 11-point gain. Baidu rose 2.3% to lead the gainers. SMIC lost 3.2% for 10-point loss. Nongfu Spring lost 3.2% to lead the losers. Shanghai composite index opened up 19 points. The market rose further after opening, as Hang Seng index gained more than 100 points. The market turned from gain to loss after opening as Hang Seng index lost more than 200 points. Profit taking hit share prices of technology stocks. Xiaomi lost 1.9% for 22-point loss. Tencent lost 1.5% for 25-point loss. Meituan lost 2% for 28-point loss. CCB lost 1.4% for 15-point loss. JD lost 3% for 13-point loss. AIA lost 1.1% for 10-point loss. Price of gold set record high. Hang Seng index reached a low of 20417 points, down 372 points. However, the market rebounded before midday close. Hang Seng closed the morning down 143 points, H share index down 67 points and technology index down 30 points. Turnover was $114.2 billion.

The market fell further in the afternoon as Hang Seng index lost more than 200 points. AIA lost 1.85% for 17-point loss. CCB lost 1.56% for 17-point loss. JD lost 3.64% for 16-point loss. Alibaba lost 0.82% for 15-point loss. HK Exchanges lost 2.2% for 13-point loss. Auto shares fell. Li Auto lost 3.4%. Geely lost 3.4%. XPeng lost 1.6%. Nio lost 4.5%. BYD lost 1.6%. Consumption stocks fell. Nongfu Spring lost 6.4% to become the top loser. Mengniu lost 3.95%. Haier Smarthome lost 3.7%. Haidilao lost 3.2%. CR Beer lost 2.9%. Anta Sports lost 3.3%. Travel related shares fell. Trip lost 5.6%. Galaxy lost 3.86%. Sands lost 3.24%. Technology stocks fell. East Buy lost 7.54%. Tongcheng Travel lost 5.8%. Sensetime lost 5.8%. SMIC lost 2.8%. Retail stocks fell. Nongfu Spring lost 6.4% to lead the losers. Mengniu lost 3.95%. Haier Smarthome lost 3.95%. Technology stocks fell. Buy East lost 7.54%. Tongcheng lost 5.8%. Sensetime lost 5.8%. Shanghai composite index closed down 21 points. Hang Seng index closed down 317 points, H share index down 23 points and technology index down 38 points. Turnover was $192.2 billion.

Overnight, European markets were mixed. DAX rose 80 points and FTSE rose 52 points but CAC lost 15 points. The US Government first banned the import of small parcels from China and Hong Kong, only to reverse the policy afterwards. Instead small parcels from Hong Kong and China face a 10% tariff. Dow Jones rose 317 points. S & P rose 23 points and Nasdaq rose 38 points. Hong Kong ADR’s rose 52 points. Night future rose 33 points. We expect the market to rise today.
 
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