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The market fell further as the RMB fell against the US dollar.
The market opened higher on Wednesday. Hang Seng index opened up 93 points, H share index up 37 points and technology index up 21 points. Tencent rose 0.87% for 14-point gain. Xiao...
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The market fell further as the RMB fell against the US dollar.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Wednesday. Hang Seng index opened up 93 points, H share index up 37 points and technology index up 21 points. Tencent rose 0.87% for 14-point gain. Xiaomi rose 1.6% for 14-point gain. Alibaba rose 0.81% for 13-point gain. JD Health rose 2.3% to lead the gainers. Shanghai composite index opened down 6 points. The market rose further after opening as Hang Seng index rose more than 100 points. Meituan rose 1.3% for 20-point gain. CCB rose 1% for 10-poitn gain. HSBC rose 0.5% for 8-point gain. Consumption stocks rose. Haidilao rose 4.5% to lead the blue chips. Nongfu Spring rose 3%. Mengniu rose 2.8%. CR Beer rose 2%. Budweiser rose 2.1%. Fosun Travel announced privatization. Share price soared 78%. Gold miners rose. Zijin rose 3.5%. Zhaojin rose 7.8%. China Gold rose 4.9%. Resources stocks rose. China Hongqiao rose 3.1%. Chalco rose 3.6%. Luoyang Moly rose 3.5%. China Shenhua rose 2.9%. The market turned from gain to loss in midmorning as Hang Seng index lost about 40 points. Meituan lost 1.05% for 16-point loss. Techntronic lost 4.1% for 11-point loss. AIA lost 1.01% for 10-point loss. Tencent lost 0.6% for 10-point loss. Xiaomi lost 1.1% for 9-point loss. Shanghai composite index closed the morning up 7 points. Hang Seng index closed the morning down 1 point. H share index closed up 6 points but technology index down 11 points. Turnover was $71.8 billion.

The market fell further in the afternoon, as Hang Seng index lost 100+ points. The RMB exchange rate fell agains the US dollar. Hong Kong market fell on the news. Meituan lost 3.5% for 54-point loss. Alibaba lost 1.1% for 18-point loss. AIA lost 1.94% for 20-point loss. Techtronic lost 4.5% for 12-point loss. Tencent lost 0.78% for 12-point loss. Xiaomi lost 2.23% for 19-point loss. Ping An lost 2.2% for 11-point loss. On the contrary, China Mobile rose 1% for 7-point gain. HSBC rose 0.7% for 6-point gain. Micro medical shares rose sharply. Medbot rose 27%. Microport rose 11%. Microneuro rose 7.6%. Consumption shares rose. Mengniu rose 2.66%. Haidilao rose 2.53%. Nongfu Spring rose 1.95%. Tingyi rose 0.8%. Shabu Shabu rose 5.3%. Jiumaojiu rose 4.8%. Yihai International rose 5%. Local properties fell. SHK Property lost 2%. Wharf lost 1.6%. New World lost 1.6%. Henderson Land lost 1.6%. Shanghai composite index closed up 10 points. Hang Seng index closed down 156 points, H share index down 57points and technology index down 60 points. Turnover was $141.6 billion.

Overnight, European markets rose. DAX rose 70 points. CAC rose 28 points and FTSE rose 21 points. US markets were mixed. November inflation rate was 2.7%, within expectation. Dow Jones lost 99 points. Technology stocks rose. S & P rose 49 points and Nasdaq rose 347 points and set record high. Hong Kong ADR’s lost 6 points. Night future rose 11 points. We expect the market to rise today.
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