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The market fell sharply on failure of the Central Government to issue economic boosting measures.
The market opened lower on Friday. Hang Seng index opened down 159 points, H share index down 65 points and technology index dopwn 46 points. Meituan lost 2.3% for 35-point loss. A...
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The market fell sharply on failure of the Central Government to issue economic boosting measures.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Friday. Hang Seng index opened down 159 points, H share index down 65 points and technology index dopwn 46 points. Meituan lost 2.3% for 35-point loss. Alibaba lost 1.65% for 27-point loss. Tencent lost 0.63% for 10-point loss. Longfor lost 2.43% to become the top loser at opening. Shanghai composite index opened down 18 points. The market fell further after opening as Hang Seng index lost more than 300 points. Meituan lost 3.7% for 57-point loss. Alibaba lost 2% for 33-point loss. AIA lost 2.1% for 21-point loss. HSBC lost 0.9% for 14-point loss. Tencent lost 0.9% for 15-point loss. Ping An lost 2.4% for 12-point loss. Mainland developers fell. Longfor lost 6%. China Overseas Land lost 4.8%. CR Land lost 3.5%. Sunac lost 6.6%. Shimao lost 8.5%. Auto shares fell. Geely lost 4.5%. BYD lost 3%. Li Auto lost 3.5%. XPeng lost 3.8%. Nio lost 2.75%. Consumption shares fell. Mengniu lost 4.2%. Nongfu Spring lost 4.2%. Budweiser lost 3%. CR Beer lost 3.2%,Tingyi lost 2%. Shabu Shabu lost 4.1%. Jiumaojiu lost 4.4%. Helenz lost 9.3%. Hang Seng index fell to a low of 20004 points, down 393 points. The market rebounded after reaching morning low. Shanghai composite index closed the morning down 53 points. Hang Seng index closed the morning down 339 points, H share index down 138 points and technology index down 89 points. Turnover was $76.8 billion.

The market fell further in the afternoon. Hang Seng index lost more than 400 points. Meituan lost 4.3% for 66-point loss. Alibaba lost 2.16% for 35-point loss. Tencent lost 1.68% for 27-point loss. AIA lost 2.1% for 22-point loss. BYD lost 4.1% for 20-point loss. Mainland developers fell. Longfor lost 7.5%. CR Mix lost 6.4%. Likewise, consumption shares fell. Budweiser lost 6.3%. CR Beer lost 5.4%. Hang Seng index fell to a low of 19927 points, down 470 points. The heavyweights recovered some of the losses. Meituan lost 3.7% for 57-point loss. Alibaba lost 2.56% for 42-point loss. Tencent lost 1.4% f or 24-point loss. AIA lost 2.25% for 23-point loss. Investors were disappointed at the Politburo’s failure to announced concrete measures to boost the economy. Investors sold shares. Hang Seng index fell below 20000 points. Shanghai composite index closed down 69 points. Hang Seng index closed down 425 points, H share index down 174 points and technology index down 12 points. Turnover was $158.5 billion.

Last Friday night, European markets fell. DAX lost 20 points. CAC lost 11 points and FTSE lost 11 points. US markets were mixed. Dow Jones lost 86 points and fell for the seventh straight session. S & P closed flat. Technology stocks rose. Nasdaq rose 24 points. The market will closely monitor the Federal Reserve’s Open Market Committee’s meeting to see if US interest rate will be lowered by 1/4%. Interest rate cut will be a boost for the stock market. Hong Kong ADR’s rose 16 points. Night future lost 57 points. We expect the market to fall today.
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