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Market fell on weakness of financials and technologies.
The market opened slightly higher on Wednesday. Blue chips were range bound. Hang Seng index opened up 3 points, H share index up 12 points and technology index up 11 points. Tence...
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Market fell on weakness of financials and technologies.
Institution : AMTD Asset Management Limited
The market opened slightly higher on Wednesday. Blue chips were range bound. Hang Seng index opened up 3 points, H share index up 12 points and technology index up 11 points. Tencent rose 0.95% for 18-point gain. Meituan rose 0.61% for 7-point gain. On the other hand, AIA lost 0.87% for 14-point loss. Anta Sports lost 3.7% for 9-point loss. The market quickly turned from gain to loss, as Hang Seng index lost more than 200 points. Anta’s Fila sales did not meet target. Share price crashed 7.6% to lead the losers for 21-point loss. AIA lost 1.9% for 21-point loss. Alibaba lost 1.36% for 25-point loss. HSBC lost 0.95% for 18-point loss. Meituan lost 1.6% for 18=point loss. Techtronic lost 3.54% for 11-point loss. Baidu rose 3.8% to lead the gainers. The market fell further in midmorning. Hang Seng index fell to a low of 20727, down 386 points. Financials led the fall. AIA lost 2.2% for 39-point loss. HSBC lost 1.7% for 33-point loss. Ping An lost 2.9% for 20-point loss. Shanghai composite index closed the morning down 11 points. Hang Seng index closed the morning down 273 points, H share index 78 down points and technology index down 23 points. Turnover was $58 billion.

The market’s fall increased slightly in early afternoon. Hang Seng index lost about 300 points. Baidu rose 6.5% to lead the gainers for 8-point gain. However, AIA lost 2.1% for 33-point loss. HSBC lost 1.55% for 28-point loss. Alibaba lost 1.27% for 23-point loss. Techtronic lost 5.2% to lead the losers for 14-point loss. Ping An lost 2.7% for 18-point loss. Anta Sports lost 3.5% for 8-point loss. Lee & Man Paper issued profit warning. Share price fell 12%. ND Paper lost 3.1%. Huahong Semiconductor reported 72% increase in 2022 net profit. Share price rose 4.1%. Baidu rose 3.7%. The market rebounded in midafternoon. Hang Seng index rose to a high of 20905, down 205 points. However, the market retreated near the close. Hang Seng index lost more than 300 points. AIA lost 2.66% for 44-point loss. Alibaba lost 1.85% for 33-point loss. HSBC lost 1.3% for 24-point loss. Ping An lost 2.8% for 17-point loss. Techtronic lost 5.7% for 15-point loss. Shanghai composite index closed down 13 points. Hang Seng index closed down 301 points, H share index down 92 points and technology index down 42 points. Turnover was $112.3 billion.

Overnight, overseas markets rose. DAX rose 126 points. CAC rose 87 points and FTSE rose 44 points. Technology stocks led US markets’ rebound. Dow Jones r ose 38 points. S & P rose 11 points. Nasdaq rose 110 points. Hong Kong ADR’s rose 37 points and night future rose 39 points. We expect the market to rise today.  
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