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Hong Kong market fell sharply as Federal Reserve raised interest rate.
The Hong Kong market fell on Thursday. Hang Seng index opened down 61 points, H share index down 17 points and technology index down 12 points. Alibaba lost 1.1% for 17-point loss....
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Hong Kong market fell sharply as Federal Reserve raised interest rate.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market fell on Thursday. Hang Seng index opened down 61 points, H share index down 17 points and technology index down 12 points. Alibaba lost 1.1% for 17-point loss. HSBC lost 0.94% for 14-point loss. AIA lost 0.65% for 10-point loss. Meituan lost 0.77% for 10-point loss. China Hongqiao lost 3.86% to become the top loser at opening. Haidilao rose 1.9% to lead the gainers. A shares opened up 1 point. The market fell sharply after opening as Hang Seng index lost more than 400 points. Alibaba lost 3.9% for 61-point loss. HSBC lost 2% for 30-point loss. Meituan lost 3.2% for 44-point loss. Tencent lost 2.6% for 43-point loss. JD lost 3.16% for 20-point loss. HK Exchanges lost 3% for 22-point loss. Ping An lost 2% for 12-point loss. Major shareholders of property management companies sold down their shares. Mainland developers and management companies fell sharply. Cifi ES lost 11.5%. Cifi lost 9.5%. Logan lost 8%. Longfor lost 7.1% to lead the losers. CG Services lost 6.6%. Country Garden lost 5.6%. China Overseas Land lost 3.3%. Online medical shares fell. Ali Health lost 5%. JD Health lost 3.4%. PA Good Doctor lost 2.5%. Education shares fell sharply due to profit taking. Wisdom Education lost 14%. Virscend Education lost 15.5%. Scholar Education lost 6.3%. However, semiconductor shares rose against the market. SMIC rose 2.2%. Huahong Semiconductor rose 6.9%. A shares closed the morning down 9 points. Hang Seng index closed the morning down 224 points, H share index down 86 points and technology index down 65 points. Turnover was $60.1 billion.

The market was little changed in early afternoon. Hang Seng index lost more than 200 points. Economic indicators in November were all below expectation. The market fell on the news. Technology stocks led the fall. Alibaba lost 3.5% for 55-point loss. Meituan lost 3% for 37-point loss. Tencent lost 2.4% for 39-poitn loss. HSBC lost 1.56% for 22-point loss. Wuxi Biologics lost 3.54% for 12-point loss. Second line technology stocks fell. Bili Bili lost 3%. Kuaishou lost 3.2%. Chinese Literature lost 6%. Sensetime lost 5.7%. On the other hand, Trip.com reported third quarter profit. Share price rose 3.5% against the falling market. The market fell further near the close. Heavyweights lost ground. Alibaba lost 4% for 66-point loss. Meituan lost 3.3% for 41-point loss. Tencent lost 2.3% for 36-point loss. Hang Seng index closed down 305 points. H share index down 110 points and technology index down 101 points. Turnover was $105.6 billion.

Overnight, overseas markets fell. Fear of recession hurt stock markets. DAX lost 370 points. CAC lost 181 points and FTSE lost 56 points. In the US November retail sales fell more than expected. Stocks markets crashed. Dow Jones lost 764 points. S & P lost 99 points and Nasdaq lost 360 points. ADR’s lost 133 points. Night future lost 105 points. We expect the market to fall today.
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