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The Hong Kong market fell sharply as overseas markets crashed on higher inflation.
The Hong Kong market opened sharply lower on Tuesday. Hang Seng index opened down 284 points, H share index down 109 points and technology index down 94 points. Alibaba lost 5.34% ...
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The Hong Kong market fell sharply as overseas markets crashed on higher inflation.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened sharply lower on Tuesday. Hang Seng index opened down 284 points, H share index down 109 points and technology index down 94 points. Alibaba lost 5.34% to lead the losers for 77-point loss. Tencent lost 2.54% for 33-point loss. AIA lost 1.96% for 21-point loss. Wuxi Biologics lost 3.1% for 14-point loss. BYD lsot 2.46% for 13-point loss. Meituan lost 0.95% for 11-point loss. A shares opened down 31 points. The market fell further after opening. Hang Seng index lost more than 300 points right after opening. The three leading technology stocks fell further. Meituan lost 2% for 24-point loss. BYD lost 3% for 15-point loss. The market recovered in midmorning. Hang Seng index lost only about 100 points. HSBC rose 0.51% for 10-point gain. OOIL rose 3.9% to lead the blue chips. In addition, Alibaba, Tencent and Meituan recovered from opening lows. Hang Seng index fell to a low of 20717, down 350 points and then rebounded to a high of 20972, down only 97 points. However, the market fell again by more than 200 points before morning’s close. Alibaba lost 5.2% for 53-point loss. BYD lost 5.2% for 29-point loss. Electric car shares fell. Nio lost 8%. XPeng lost 4.8%. Solar energy stocks fell. Xinyi Solar lost 4.5%. GCL Technology lost 2.7%. Xinte Energy lost 5.1%. GCL NE lost 4.55%. A shares closed the morning down 52 points. Hang Seng index closed the morning down 191 points, H share index down 81 points and technology index down 78 points. Turnover was $70.2 billion.

The market recovered in the afternoon and followed A shares and turned from loss to gain. Meituan and financials lead the rally. Meituan rose 3.35% for 40-point gain. Local banks rose. HSBC rose 1.64% for 32-point gain and Hang Seng Bank rose 2.54%. BOCHK rose 5.15% to lead the blue chips for 11-point gain. Ping An rose 1.5% for 8-point gain. On the contrary Alibaba lost 2% for 20-point loss. AIA lost 1.26% for 13-point loss. BYD lost 2% for 11-point loss. Li Auto rose 4.8%; and Great Wall rose 2.66% The market rose further in midafternoon. Hang Seng index gained more than 100 points. Meituan rose 4.25% for 53-point gain. Alibaba and AIA recovered slightly. Technology stocks rebounded. JD rose 1.84%. Netease rose 2.5%. JD Health rose 5%. Ming Yuan Cloud rose 3.85%. Kingsoft rose 3.7%. Ali Health rose 2,14%. Semiconductor shares fell. Huahong Semiconductor lost 4.3%. SMIC lost 1.8%. A shares closed up 33 points. Hong Kong shares followed A shares and turned from loss to gain. Hang Seng index reached a high of 21173, up 108 points. However, the market could not maintain its momentum and turned down again near the close. Hang Seng index closed up 0.41 point, H share index down 7 points and technology index down 3 points. Turnover was $133 billion.

Overnight, overseas markets were mostly down. DAX lost 122 points. CAC lost 72 points and FTSE lost 18 points. US markets were mixed. Dow Jones lost 152 points and S & P lost 14 points. Yet, Nasdaq rose 19 points. Hong Kong ADR’s lost 55 points. Night future lost 4 points. We expect the market to fall today.
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