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Hong Kong market opened higher but closed lower.
The market opened higher on Friday. Hang Seng index opened up 246 points, H share index up 97 points and technology index up 109 points. Alibaba rose 2.46% for 41-point gain. Meit...
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Hong Kong market opened higher but closed lower.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hang Seng index opened up 246 points, H share index up 97 points and technology index up 109 points. Alibaba rose 2.46% for 41-point gain. Meituan rose 1.55% for 30-point gain. Tencent rose 1.55% for 25-point gain. AIA rose 1.94% for 22-point gain. HK Exchanges rose 3% for 16-point gain. JD rose 4.3% for 19-point gain. BYD rose 3.1% for 15-point gain. SMIC rose 5.5% on good results for 10-point gain. Shanghai composite index opened up 38 points. The market rose further after opening as Hang Seng index gained more than 300 points. Heavyweights rose further. Alibaba rose3.45% for 58-point gain. Meituan rose 1.8% for 36-point gain. AIA rose 2.75% for 30-point gain. Xiaomi rose 2.5% for 20-point gain. Auto shares rose. Geely rose 5.4%. BYD rose 2.7%. Nio rose 6.8%. XPeng rose 16.6%. Li Auto rose 1.8%. Zhongcheng rose 13.5% to lead the blue chips. Hang Seng index reached a high of 21355 points, up 402 points. However, the market could not hold on to its gain and retreated. As there was a dearth of positive news from the People’s Congress, the market’s mood turned negative. Heavyweights fell. Hang Seng index lost more than 200 points. Meituan lost 4.6% for 88-point loss. Tencent lost 1.9% for 30-point loss. Ping An lost 3% for 17-point loss. HSBC lost 0.83% for 16 -point loss. Mainland developers fell. Longfor lost 4.95% to become the top loser. China Overseas Land lost 3.5%. CR Land lost 2.7%. Sunac lost 6.3%. Kaisa lost 6.3%. Shanghai composite index closed the morning down 17 points. Hang Seng index closed the morning down 180 points, H share index down 70 points and technology index up 7 points. Turnover was $141.2 billion.

The market’s fall narrowed in the afternoon, as Hang Seng index lost less than 100 points. Meituan lost 3.5% for 67-point loss. Tencent lost 1.7% for 27-point loss. HSBC lost 0.97% for 18-point loss. Alibaba lost 1.5% for 25-point loss. Ping An lost 3.1% for 18-point loss. On the other hand, Xiaomi rose 3.2% for 23-point gain. HK Exchanges rose 2.4% for 16-point gain. AIA rose 1.2% for 13-point gain. Zhongcheng Holding rose 42% to lead the blue chips. Shanghai Electric rose 12% again due to robotics business. Handset suppliers rose. Sunny Optical rose 4%. AAC rose 2.8%. Hongten rose 4%. Netease was rocked by internal corruption scandal. Share price fell 4.3%. Retail stocks fell. Chow Tai Fook lost 1.95%. Mengniu lost 1.9%. Haidilao lost 1.67%. CR Beer lost 1.7%. Securities brokers fell. CICC lost 4.95%. CM Securities lost 3.6%. China Galaxy lost 4.3%. Citic Securities lost 6.7%. CSC lost 6.4%. Shanghai composite index closed down 22 points. The market fell again in late afternoon. Hang Seng index closed down 225 points, H share index down 85 points and technology index down 9 points. Turnover was $233.1 billion.

Last Friday night, European markets fell. DAX lost 147 points. CAC lost 68 points and FTSE lost 87 points. US markets rose. Dow Jones rose 259 points. S & P rose 17 points and Nasdaq rose 22 points. Hong Kong ADR’s lost 494 points. Night future lost 323 points. We expect the market to fall today.
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Last updated on 6 January 2023.
 
 

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