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The Federal Reserve raised interest rate by 3/4%. US markets fell sharply.
The Hong Kong market fell on Wednesday. Hang Seng index opened down 142 points, H share index down 48 points and technology index down 39 points. Alibaba lost 2.4% for 34-point los...
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The Federal Reserve raised interest rate by 3/4%. US markets fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market fell on Wednesday. Hang Seng index opened down 142 points, H share index down 48 points and technology index down 39 points. Alibaba lost 2.4% for 34-point loss. HSBC lost 1.24% for 19-point loss. Tencent lost 1.02% for 15-point loss. AIA lost 0.77% for 11-point loss. Shenzhou International lost 3.45% to become the top loser at opening. Nongfu Spring rose 1.56% to lead the gainers at opening. A shares opened down 15 points. The market fell further after opening. Hang Seng index lost more than 300 points. Alibaba lost 4% for 55-point loss. Meituan lost 3.1% for 41-point loss. Tencent lost 1.64% for 24-point loss. HSBC lost 1.3% for 21-point loss. AIA lost 0.98% for 14-point loss. Ping An lost 1.6% for 11-point loss. JD lost 2.6% for 16-point loss. Shipping stocks rose sharply as the Baltic shipping index soared 11% on 20/9/2022. OOIL rose 4.25% to lead the blue chips. Pacific Basin rose 5.7%. Cosco Holding rose 2.6%. Cosco Development rose 3.8%. Most Kwaichung crashed 22% after rising sharply on Tuesday. Brokers downgraded Country Garden. Country Garden lost 4.4%. CG Services lost 4.6%. Auto stocks fell. Geely lost 3.7%. Great Wall lost 5.4%. BYD lost 2.34%. A shares closed the morning down 17 points. Hang Seng index fell to a low of 18451, down 330 points and closed the morning down 294 points. H share index closed down 120 points and technology index down 95 points. Turnover was $38.9 billion

The market was little changed the afternoon. Hang Seng index lost more than 300 points. Alibaba lost 3.5% for 48-point loss. Meituan lost 2.9% for 38-point loss. Tencent lost 2% for 29-point loss. HSBC lost 2.1% for 32-point loss. JD lost 2.5% for 15-point loss. Xinyi Group of companies fell sharply. Xinyi Solar lost 7.6%. Xinyi Glass lost 4%. Xinyi Energy lost 4%. Flat Glass lost 7%. Handset suppliers fell. Sunny Optical lost 10.1% to lead the losers. AAC lost 3.2%. Q-Tech lost 3%. Cowell lost 6.9%.Auto stocks fell. Geely lost 4.3%. BYD lost 2%. Great Wall lost 5.2%. Technology stocks fell. Netease lost 3.25%. Bili Bili lost 3.3%. Ali Health lost 3%. JD Health lost 2.83%. PA Good Doctor lost 2.4%. Baidu lost 2.2%. Kuaishou lost 2.1%. Export orders for the fourth quarter took a sudden leap. Container freight rates jumped. Shipping stocks rose sharply. OOIL rose 4.2%. Cosco Energy rose 10.3%. Pacific Basin rose 8.9%. Oil stocks rose. CNOOC rose 1.4%. Petrochina rose 0.6%. The Government gave indications that it would soon open Hong Kong to the outside world. Travel stocks rose. EGL rose 5.56%. Cathay Pacific rose 2%. A share closed down 5 points. Hang Seng index closed down 337 points, H share index down 138 points and technology index down 116 points. Turnover was $81.3 billion.

Overnight, overseas markets were mixed. Putin announced a partial mobilization of force to counter the worsening situation in Ukraine and did not rule out nuclear war. European markets rose. DAX rose 96 points. CAC rose 52 points and FTSE rose 45 points. US markets fell as Federal Reserve’s rate hike. Dow Jones lost 522 points. S & P lost 66 points and Nasdaq lost 205 points. ADR’s lost 153 points. Night future lost 8 points. We expect the market to fall today.
 
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