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Tencent fell sharply last Friday to drag down the market
The Hong Kong market opened lower last Friday.Hang Seng index opened down 77 points and H share index down 13 points. HK & China Gas went ex-dividend, and became the top points...
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Tencent fell sharply last Friday to drag down the market
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2018/06/11 09:24
The Hong Kong market opened lower last Friday. Hang Seng index opened down 77 points and H share index down 13 points.  HK & China Gas went ex-dividend, and became the top points loser. CSPC fell 2.4%, causing 20 point fall. A shares opened down 0.39%. Shanghai composite index lost 13 points. The Hong Kong market fell sharply after opening as technology shares came under selling pressure. Hang Seng index lost more than 300 points. Tencent lost 2.4% to cause 81 point fall. AIA lost 1.7% to cause 47 point fall. Petrochina rose 1.52% to become the top gainer. ZTE managed to have sanctions lifted after agreeing to tough conditions. Telecom equipment stocks rose. Mobi rose 8.1%. Comba rose 1.6%. At the same time, handset suppliers fell. Foxconn lost 2.7%. Hon Teng lost 2.9%. AAC lost 2%. A shares fell further and closed the morning down 1.25%. Shanghai composite index lost 30 points. Hong Kong shares followed lower and Hang Seng index lost more than 400 points, and closed the morning down 386 points. H share index lost 167 points. Turnover was $48 billion.

In the afternoon, the market fell further, as heavyweights lost more ground. Tencent, AIA, China Construction Bank and China Mobile led the fall. Software stocks followed the lead of Tencent and traded lower. Kingdee lost 3.3%. Sinosoft lost 1.6%. Chinasoft lost 0.6%. Kingsoft lost 0.96%. Chow Tai Fook fell sharply after result announcement. Share price fell 6.5%. Luk Fook lost 3.3%. Property management companies continued to fall. Greentown Service lost 5%. China Overseas Proerty lost 3.4%. Clifford ML lost 1%. Colour Life lost 1.9% but Zhong Ao Home rose 6.6%. Gas suppliers fell sharply. China Gas lost 6.4%. CR Gas lost 1.5%. ENN lost 1.4%. Towngas China lost 2.15%. Education stocks also fell to profit taking. Sino Education lost 2.8%. New Higher Education lost 1.1%. Minsheng Education lost 4.16%. Top Education lost 5.4%. A shares closed down 1.36%. Shanghai composite index closed down 42 points. The Hong Kong market fell further in late afternoon. Hang Seng index fell to an intraday low of 30874 points, down 642 points and closed down 554 points. H share index closed down 242 points. Turnover was $99.8 billion. For the week, Hang Seng index rose 466 points and H share index rose 145 points. 

Last Friday night, overseas markets were mixed and lacked direction.  European markets were range bound.  DAX lost 44 points; CAC rose 1 point and FTSE lost 23 points. US markets were mixed.  Dow Jones closed up 75 points.  S & P lost 6 points and Nasdaq lost 0.2 points. Hong Kong ADR’s rose 153 points in New York. Night future rose 210 points. We expect the market to rise today.   
 
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