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Investors lost confidence as the Government failed to deliver market saving measures.
The market opened lower on Wednesday. Hang Seng index opened down 114 points, H share index down 52 points and technology index down 25 points. Technology stocks led the fall. Meit...
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Investors lost confidence as the Government failed to deliver market saving measures.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Wednesday. Hang Seng index opened down 114 points, H share index down 52 points and technology index down 25 points. Technology stocks led the fall. Meituan lost 1.48% for 27-point loss. Alibaba lost 1.44% for 25-point loss. Tencent lost 1.15% for 18-point loss. JD lost 2% for 10-point loss. AIA lost 0.8% for 9-point loss. On the other hand, HSBC rose 0.56% for 10-point gain. Auto shares fell. Geely lost 3.8% and Li Auto lost 3.1% to lead the losers. Nio lost 3.7%. XPeng lost 2.4%. Shanghai composite index opened down 11 points. The Hong Kong market’s loss narrowed after opening as the top three technology stocks rebounded from opening lows. Hang Seng index lost under 100 points. Xiaomi rose 1.74% for 11-point gain. Hang Seng index reached a high of 20681 points, down only 20 points. However, the market retreated again and Hang Seng index lost more than 200 points. Alibaba lost 1.2% for 21-point loss. Meituan lost 1.74% for 33-point loss. Tencent lost 1.24% for 19-point loss. JD lost 2.9% for 14-point loss. AIA lost 1.1% for 13-point loss. Mainland developers rose. Longfor rose 2.55%. China Overseas Land rose 1.8%. CR Land rose 1.4%. Sunac rose 4.9%. Semiconductor shares fell. SMIC lost 3.66%. Huahong Semiconductor lost 3.7%. Pharmaceutical shares fell. Hansoh Pharm lost 6.1% to become the top loser. Sinopharm lost 3.14%. Innovent lost 3.9%. Shanghai composite index closed down 11 points. Hang Seng index closed the morning down 384 points, H share index down 154 points and technology index down 121 points. Turnover was $86.8 billion.

The market fell further in the afternoon. Hang Seng index lost more than 400 points and fell to a low of 20720 points, down 431 points. The Chinese Government has failed to deliver measures to save the economy. Investors lost confidence in the market. Alibaba lost 2% for 36-point loss. Meituna lost 2.8% for 50-point loss. Tencent lost 1.6% for 25-point loss. AIA lost 1.76% for 21-point loss. JD lost 2.9% for 14-point loss. SMIC lost 7.5% for 15-point loss. CCB lost 1.3% for 14-point loss. ICBC lost 2.1% for 12-point loss. CNOOC lost 2.1% for 10-point loss. Hansoh Pharm lost 10.3% to become the top loser. Wuxi Biologics lost 4%. Sinopharm lost 2.8%. Wuxi Apptec lost 2.4%. Resources stocks fell sharply. China Hongqiao lost 3.8%. Chalco lost 12%. Jiangxi Copper lost 7.3%. Genfung Lithium lost 4.66%. However, Chongqing Iron rose 16%. Shanghai composite index closed down 19 points. Hang Seng index closed down 320 points, H share index down 131 points and technology index down 110 points. Turnover was $166.6 billion.

Overnight, overseas markets fell. European markets lost ground. DAX lost 221points. CAC lost 83 points and FTSE lost 66 points. US markets first rose but closed lower. Dow Jones lost 91 points. S & P lost 19 points and Nasdaq lost 105 points. Hong Kong ADR’s lost 33 points. Night future rose 71 points. We expect the market to fall today.  
 
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