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Hong Kong market fell sharply due to the Chinese balloon incident..
China and US entered a diplomatic spat over the spy balloon. Hong Kong market fell sharply on Monday. Hang Seng index opened down 311 points, H share index down 145 points and tech...
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Hong Kong market fell sharply due to the Chinese balloon incident..
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
China and US entered a diplomatic spat over the spy balloon. Hong Kong market fell sharply on Monday. Hang Seng index opened down 311 points, H share index down 145 points and technology index down 118 points. Technology stocks led the fall. Alibaba lost 3.67% for 69-point loss. Tencent lost 2.54% for 50-point loss. Meituan lost 1.9% for 37-point loss. JD lost 3.8% for 25-point loss. Ping An lost 2.5% for 17-point loss. Wuxi Biologics lost 3.7% for 16-point loss. Baidu lost 4.97% to lead the losers. On the other hand, AIA rose 1.24% to lead the gainers for 27-point gain. A shares opened down 27 points. The market fell further after opening as Hang Seng index lost more than 500 points. Technology stocks fell further. Alibaba lost 3.96% for 72-point loss. Tencent lost 3.5% for 69-point loss. Meituan lost 5.87% for 75-point loss. Metal shares fell sharply. China Hongqiao lost 6.76% to top the losers. Chalco lost 3.85%. Jiangxi Copper lost 2.7%. Luoyang Moly lost 4.9%. Angang Steel lost 2.4%. Maanshan Iron lost 3%. Mainland developers fell. Longfor lost 4%. Country Garden lost 3.9%. Vanke lost 4%. Electric car shares followed BYD lower. BYD lost 3%. Nio lost 6.8%. XPeng lost 4.4%. Li Auto lost 3.9%. Geely lost 2.4%. A shares closed the morning down 31 points. Hang Seng index fell to a low of 21086 down 574 points and closed the morning down 500 points. H share index closed down 218 points and technology index down 172 points. Turnover was $76.6 billion.

The market recovered some of the lost ground. Hang Seng index lost more than 400 points. Meituan lost 5.4% for 70-point loss. Alibaba lost 2.82% for 53-point loss. Tencent lost 2.2% for 44-point loss. JD lost 4.1% for 27-point loss. HK Exchanges lost 5.2% for 42-point loss. Ping An lost 3.7% for 25-point loss. On the contrary, HSBC rose 1.1% for 22-point gain. AIA rose 0.65% for 11-point gain. Technology stocks fell sharply. Ali Health lost 7.9% to lead the losers. GDS lost 9.5%. Ming Yuan Cloud lost 9.1% JD Health lost 7.5%. However, Sensetime rose 4.6%. Pharmaceutical shares fell sharply. Antengene lost 10%. Vivatech lost 9%. Genscript lost 8.4%. Shihuan lost 8.1%. Kintor lost 7.9%. Innovent lost 5.9%. Hanset suppliers fell. Sunny Optical lost 7.3%. AAC lost 4.5%. Q-Tech lost 3%. Electric car shares fell. BYD lost 4.24%. Li Auto lost 4%. Nio lost 7% and XPeng lost 4.5%. A shares closed down 25 points. Hang Seng index closed down 438 points, H share index down 197 points and technology index down 169 points. Turnover was $136 billion.

Overnight, overseas markets fell. The Chinese balloon incident affected global stocks markets. DAX lost 130 points. CAC lost 97 points and FTSE lost 65 points. US markets fell for the third straight day. Dow Jones lost 34 points. S & P lost 25 points and Nasdaq lost 119 points. Hong Kong ADR’s lost 40 points. Night future rose 17 points. We expect the market to fall today.
 
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