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The market opened higher but fell sharply afterwards. Finance and technology stocks fell sharply.
The Hong Kong market opened higher on Monday. Hang Seng index opened up 410 points, H share index up 163 points and technology index up 146 points. Technology stocks led the rally....
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The market opened higher but fell sharply afterwards. Finance and technology stocks fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Monday. Hang Seng index opened up 410 points, H share index up 163 points and technology index up 146 points. Technology stocks led the rally. Alibaba rose 6.56% for 88-point gain. Tencent rose2.94% for 38-point gain. Meituan rose 2.87% for 31-point gain. Wuxi Biologics rose 5.97% for 22-point gain. AIA rose 2% for 22-point gain. ENN rose 11.6% as it reported 24% rise in net profit for 18-point gain. A shares opened up 4 points. The market’s gain narrowed after opening. Hang Seng index gained under 100 points. Heavyweights’ gain narrowed. China’s Central Bank left LPR interest rate unchanged which disappointed the market. Stocks market fell on the news. Alibaba, Tencent, Meituan fell from opening highs. Then, the market turned from gain to loss in late morning. Mainland developers fell sharply. Country Garden lost 4.8%. Longfor lost 3.5%. China Overseas Land lost 3.13%. CR Land lost 3.1%. Geely lost 4.2%. Great Wall lost 2.4%. The HK Government cancelled the ban on flights from 9 countries. Travel related shares rose. Café de Coral rose 6%. Cathay Pacific rose 4%. Prada rose 42.%. HK & Shanghai Hotel rose 2.6%. A shares closed the morning up 0.5 point. Hang Seng index closed the morning down 18 points, H share index down 28 points, and technology index rose less than 1 point. Turnover was $82.6 billion.

The market fell sharply in early afternoon. Hang Seng index fell to a low of 21104, dow 308 points. Technology and finance shares fell. Meituan lost 4.2% for 45-point loss. Ping An lost 5.3% for 39-point loss. The HK Government laid out the plan for relaxing Covid restrictions on restaurants. Restaurant and travel shares rose. Café de Coral rose 6.5%. Tai Hing rose 6.1%. EGL rose 10%. Coal miners rose. China Coal rose 3%. The Government announced policy to control electronic cigarette. Smoore rose 6%. The market rebounded from opening losses and Hang Seng index recovered more than 150 points. Nio rose 8% as it announced it would not raise prices. China imported first batch of Covid drug from Pfizer. Fosun Pharmaceutical soared 20%. Clover Pharma rose 19%. Australia announced banning the export of alumina to Rusal. Rusal lost 6%. The market fell again in late trading. Hang Seng index lost more than 300 points. Meituan lost 7.3% for 79-point loss. Ping An lost 5.86% for 42-point loss. Tencent lost 2.3% for 30-point loss. CCB lost 2.2% for 28-point loss. CM Bank lost 3% for 14-point loss. A shares closed up 2.6 points. Hang Seng index closed down 191 points, H share index down 122 points and technology index down 68 points. Turnover was $149 billion.

Overnight, overseas markets were mixed. DAX lost 86 points and CAC lost 38 points but FTSE rose 37 points. US Federal Reserve Chairman indicated the need for raising interest rates aggressively. US markets fell. Dow Jones lost 202 points. S & P lost 2 points and Nasdaq lost 44 points. Hong Kong ADR’s rosed 117 points. Night future rose 176 points. We expect the market to rise today. 
 
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