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Hong Kong market fell sharply after two-day winning streak.
The market retreated on Thursday after two days of spectacular gains. Hang Seng index opened down 349 points, H share index down 132 points and technology index down 96 points. Ali...
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Hong Kong market fell sharply after two-day winning streak.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market retreated on Thursday after two days of spectacular gains. Hang Seng index opened down 349 points, H share index down 132 points and technology index down 96 points. Alibaba lost 5.64% for 61-point loss. Meituan lost 3.9% for 44-point loss. HSBC lost 2.8% for 37-point loss. Tencent lost 2% for 22-point loss. JD lost 3.45% for 15-point loss. CSPC lost 8.78% to lead the losers for 13-point loss. China Unicom rose 6.5% to become the top gainer. A shares opened down 25 points. The market rebounded from opening lows. Hang Seng index lost more than 200 points. Pharmaceutical shares which rose sharply on Wednesday fell sharply. Cansino lost 25%. Clover lost 8.9%. Junshi Bio lost 16%. Ascletis lost 6%. CSPC lost 9.5% and Sino Biopharm lost 3.2%. Wuxi Biologics lost 3%. Consumption stocks fell. CR Beer lost 3.5%. Sands lost 3.8%. Haidilao lost 3%. Jiumaojiu lost 3.9%. Shabu Shabu lost 4.2%. Shipping stocks fell. OOIL lost 4.85%. Cosco Holding lost 3.67%. STI lost 4.7%. Technology stocks fell sharply. Netease lost 4.7%. Baidu lsot 4.4$. Chinese Literature lost 4.7%. Trip.com lost 3.5%. Hang Seng index reached a high of 15623, down 204 points. Then the market fell further. Hang Seng index lost more than 500 points. Alibaba lost 6% for 66-point loss. Meituan lost 3.2% for 36-point loss. HSBC lost 2.9% for 39-point loss. Tencent lost 2.8% for 36-point loss. AIA lost 2.1% for 27-point loss. A shares closed the morning down 19 points. Hang Seng index fell to a low of 15301, down 526 points, and closed the morning down 446 points, H share index down 164 points and technology index down 115 points. Turnover was $56.1 billion.

The market was little changed in early afternoon, as Hang Seng index lost more than 400 points. Alibaba lost 6.66% for 72-point loss. Meituan lost 3.8% for 40-point loss. Tencent lost 3.7% for 42-point loss. HSBC lost 2.9% for 39-point loss. JD lost 4.9% for 21-point loss. AIA lost 2.26% for 29-point loss. CSPC lost 9.7% for 16-point loss. CCB lost 1.4% for 12-point loss. Shipping stocks fell. OOIL lost 6.5%. Cosco Holding lost 4.7%. Cosco Development lost 3.23%. Pharmaceutical shares fell. Cansino lost 27%. Junshi Pharm lost 12%. Clover lost 11%. Asceltis lost 7.9%. Hutchmed lost 6.3%. Broker downgraded the auto sector. Auto shares fell. Geely lost 3.5%. Nio lost 6%. XPeng lost 2%. Great Wall lost 4.3%. However, Li Auto rose 3.44%. Consumption stocks fell. Lining lost 5.9%. Anta Sports lost 4.8%. Haidilao lost 3.6%. Jiumaojiu lost 5.9%. Shabu Shabu lost 6.8%. Yum Brands China lost 2.8%. CR Beer lost 2.9%. Tsingtao Beer lost 3.7%. Budweiser lost 2.2%. A shares closed down 10 points. Hang Seng index closed down 487 points, H share index down184 points and technology index down 121 points. Turnover was $98.6 billion.

Overnight, overseas markets rose mostly. DAX lost 126 points. CAC lost 33 points but FTSE rose 44 points. US markets fell for the second straight day. Dow Jones lost 146 points. S & P lost 40 points and Nasdaq lost 182 points. Hong Kong ADR’s rose 57 points. Night future rose 228 points. We expect the market to rise today.  
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