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Chinese Government failed to deliver what the market wanted.
The market opened sharply lower on Monday. The Chinese People’s Congress failed to deliver what the market wanted to see. Investors sold their shares. Hang Seng index opened ...
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Chinese Government failed to deliver what the market wanted.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened sharply lower on Monday. The Chinese People’s Congress failed to deliver what the market wanted to see. Investors sold their shares. Hang Seng index opened down 470 points, H share index down 177 points and technology index down 144 points. Meituan lost 3.54% for 65-point loss. Alibaba lost 2.8% for 47-point loss. HSBC lost 2.73% for 40-point loss. Tencent lost 2.1% for 24-point loss. AIA lost 2.1% for 24-point loss. HK Exchanges lost 3.1% for 20-point loss. JD lost 5.2% for 21-point loss. Shanghai composite index opened down 21 points. The market fell further after opening. Hang Seng index lost more than 500 points. Consumption stocks were weak. CR Beer lost 5.25% to become the top loser. Lining lost 3.6%. Haidilao lost 3.1%. Budweiser lost 3.3%. Mengniu lost 4%. Mainland developers fell. Longfor lost 4.5%. China Overseas Land lost 4.67%. CR Land lost 4%. Securities brokers fell. Citic Securities lost 4.75%. CM Securities lost 4.9%. CSC lost 4.4%. GF Securities lost 3.8%. The Group planned to open many EV sales outlets in China and embrace EV. Zhongcheng Holding rose 20% to lead the blue chips. Yongda Auto rose 3.4%. Shanghai composite index closed the morning down 2 points. Hang Seng index fell to a low of 20151 points, down 577 points, and closed the morning down 439 points. H share index closed down 159 points and technology index down 71 points. Turnover was $113.9 billion.

The market was little changed in the afternoon as Hang Seng index lost more than 400 points. Technology stocks led the fall. Meituan lost 4.8% for 88-point loss. Alibaba lost 2.66% for 44-point loss. Tencent lost 2.4% for 37-point loss. HK Exchanges lost 4.8% for32-point loss. AIA lost 2.5% for 28-point loss. Ping An lost 4.3% for23-point loss. China Life lost 4.1%. HSBC lost 1.54% for 23-point loss. Mainland developers fell further. Longfor lost 5.8% to lead the blue chip losers. China Overseas Land lost 4.7%. CR Land lost 2.8%. Sunac China lost 6.1%. KWG lost 8.6%. Vanke lost 5.9%. Kaisa lost 6.56%. Metals fell. Precious metals shares fell. Zijin lost 3.78%. Zhaojin lost 3.78%. China Gold lost 2.6%. Non-ferrous metals fell. China Hongqiao lost 1.7%. Chalco lost 3.2%. Jiangxi Copper lost 2%. Luoyang Moly lost 5.1%. Black metals fell. Angang Steel lost 3.1%. Maanshan Iron lost 3.1%. China Coal lost 2.8%. China Shenhua lost 2.1%. Yankuang lost 2.8%. Zhongcheng Holding was suspended from trading after gaining 21%. The market recovered slightly in midafternoon. Xiaomi and Alibaba rose to lift the market. Xiaomi rose 3.9% for 31-point gain. Alibaba rose 2.9%. Shanghai composite index closed up 18 points. Hang Seng index closed down points, H share index down points and technology index down points. Turnover was $ billion.
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