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Dow Jones crashed 1123 points overnight.
The market opened higher on Wednesday. Hang Seng index opened up 184 points, H share index up 73 points and technology index up 65 points. Technology stocks led the charge. Meituan...
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Dow Jones crashed 1123 points overnight.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Wednesday. Hang Seng index opened up 184 points, H share index up 73 points and technology index up 65 points. Technology stocks led the charge. Meituan rose 3.9% for 56-point gain. Alibaba rose 1.74% for 27-point gain. Tencent rose 1.34% for 21-point gain. AIA rose 1.5% for 14-point gain. Xiaomi rose 1.67% for 14-point gain. Zhongcheng rose 4.1% to lead the gainers. On the other hand, HSBC lost 0.53% for 8-point loss. Shanghai composite index opened up 13 points. The market rose further after opening as Hang Seng index gained more than 200 points. HSBC lost 0.74% for 12-point loss. On the other hand, Xiaomi rose 3% for 25-point gain. Meituan rose 1.1% for 15-point gain. Alibaba rose 0.84% for 14-point gain. Tencent rose 0.79% for 15-point gain. Auto shares rose. Li Auto rose 4.3% to lead the blue chips. XPeng rose 2.3%. Nio rose 2.6%. BYD rose 1.65%. Geely rose 3.45%. Xiaomi rose 3%. Chinese financials rose. CM Bank rose 2.55%. CCB rose 1.4%. ICBC rose 1.3%. Ping An rose 1.64%. China Life rose 2.34%. Retail stocks rose. Mengniu Dairy rose 2%. Budweiser rose 1.8%. Lining rose 2%. Oil stocks rose. Petrochina rose 2.1%. CNOOC rose 1.66%. Sinopec rose 1.2%. New World requested creditor banks to waive breach of financial condition. Share price fell 5.1%. Shanghai composite index closed the morning up 23 points. Hang Seng index reached a high of 19926 points, up 226 points. The market’s gain narrowed near midday. Hang Seng index closed the morning up 115 points, H share index up 61 points and technology index up 59 points. Turnover was $55.6 billion.

The market rose further in the afternoon as Hang Seng index rose 160 points. H share index rose 70 points and technology index rose 70 points. Xiaomi rose 2.33% for 19-point gain. Alibaba rose 0.84% for 13-point gain. Li Auto rose 5.3% for 10-poitn gain. Tencent rose 0.6% for 9-point gain. Japan’s No. 2 auto maker Nissan and No. 3 auto maker started negotiation to combine the two. Auto shares rose. Li Auto rose 5.3% to lead the blue chips. Geely rose 3.7%. BYD rose 1.4%. XPeng rose 3.3%. Nio rose 3.2%. Semiconductor shares rose. SMIC rose 2.2%. Huahong Semiconductor rose 2.5%. Shanghai Fudan rose 3.4%. Solomon Systech rose 3.4%. The market rose further in midafternoon as Hang Seng index gained more than 200 points. Xiaomi rose 2.84% for 25-point gain. Meituan rose 1.6% for 23-point gain. Alibaba rose 0.96% for 15-point gain. Tencent rose 0.94% for 15-point gain. Li Auto rose 5.8% for 11-point gain. Shanghai composite index closed up 21 points. Hang Seng index closed up 164 points, H share index up 75 points and technology index up 79 points. Turnover was $107.5 billion.

Overnight European markets were mixed. DAX lost 4 points but CAC rose 19 points and FTSE rose 4 points. US markets crashed. Dow Jones lost 1123 points. S & P lost 178 points and Nasdaq lost 716 points. Hong Kong ADR’s lost 392 points. Night future lost 8 points. We expect the market to fall today.
 
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