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Hong Kong market opened higher but closed lower.
The market opened higher on Wednesday. Hang Seng index opened up 164 points, H share index up 65 points and technology index up 57 points. Technology stocks led the rally. Xiaomi r...
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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 Wednesday. Hang Seng index opened up 164 points, H share index up 65 points and technology index up 57 points. Technology stocks led the rally. Xiaomi rose 1.97% for 31-point gain. Alibaba rose 1.3% for 30-point gain. Tencent rose 1% for 22-point gain. BYD roe 1.7% for 11-point gain. Zhongcheng Holding rose 4.6% to become the top gainer. Trip lost 1.14% to become the top loser. Shanghai composite index opened up 4 points. The market rose further after opening. Hang Seng index gained more than 200 points. Alibaba rose 2.2% for 51-point gain. Tencent rose 1.4% for 31-point gain. Xiaomi rose 1.5% for 24-point gain. AIA rose 1.6% for 20-point gain. JD rose 3.3% for 10-point gain. Medical websites rose sharply. Ali Health rose 5.2%. JD Health rose 2%. PA Good Doctor rose 11.8%. Hang Seng index reached a high of 25790 points, up 294 points. However, the market could not hold on. August PMI fell. A shares fell on the news and Hong Kong market followed suit. Hang Seng index retreated and rose under 100 points. Heavyweights retreated from opening highs. The market turned from gain to loss. Hang Seng index lost under 50 points. Xiaomi lost 0.8% for 13-point loss. Meituan lost 1.1% for 10-point loss. ICBC lost 0.86% for 6-point loss. Shanghai composite index closed the morning down 37 points. Hang Seng index closed the morning down 101 points and H share index down 48 points and technology index down 31points. Turnover was $152 billion.

The market fell further in the afternoon, as Hang Seng index lost more than 100 points. Alibaba lost 1.1% for 25-point loss. Xiaomi lost 1.8% for 28-point loss. CCB lost 1.2% for 15-point loss. Meituan lost 1.1% for 10-point loss. HSBC lost 0.5% for 10-point loss. HK Exchanges lost 1.7% for 15-point loss. BYD lost 2% for 13-point loss. Pharmaceutical shares rose. Wuxi Biologics rose 3% for 6-point gain. CPSC rose 4.4% for 6-point gain. Hansoh Pharm rose 2.2%. Consumption shares fell. CR Beer lost 2.8%. Midea lost 2.3%. Trip lost 2.1%. Haier Smarthome lost 1.3%. Gold stocks rose. Zijin rose 1.8%. Zhaojin rose 2.3%. Gold retailers rose. Chow Sang Sang rose 3.9%. Chow Tai Fook rose 3%. YOFC rose 9.7%. The market fell further in midafternoon as Hang Seng index lost more than 200 points. HSI lost 219 points at the nadir. Xiaomi lost 2 .2% for 37-point loss. Alibaba lost 0.82% for 18-point loss. BYD lost 2.95 20-point loss. Shanghai composite index closed down 41 points. Hang Seng index closed down 153 points, H share index down 58 points and technology index down 45 points. Turnover was $267.6 billion.

Overnight, European markets rose. DAX rose 107 points. CAC rose 65 points and FTSE rose 31 points. US markets were mixed. Interest rates eased. Dow Jones closed down 24 points. S & P rose 33 points. Google was able to keep its search engine and Apple can install Chrome on its i-phones. Their prices soared more than 9% and 3.8% respectively. Nasdaq rose 218 points. Hong Kong ADR’s rose 122 points. Night future rose 7 points. We expect the market to rise today.

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Last updated on 6 January 2023.
 
 
 
 

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