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Trump Kim summit had little effect on global markets
The Hong Kong market opened lower on Tuesday.Hang Seng index opened down 33 points and H share index down 23 points.Tencent rose 0.33% to contribute 9 point gain.China Mobile rose ...
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Trump Kim summit had little effect on global markets
2018/06/13 09:22
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened lower on Tuesday. Hang Seng index opened down 33 points and H share index down 23 points. Tencent rose 0.33% to contribute 9 point gain. China Mobile rose 0.7% for 9 point gain. AIA rose 0.35% for 6 point gain. However, HSBC fell 0.71% for 21 point loss. China Construction Bank fell 0.5% for 12 point loss. A shares opened flat. Shanghai composite index lost 0.33 point. CR Cement made placement. Share price fell 10%. The market fluctuated after opening. Hang Seng index reached a morning high of 31243 points, up 180 points. However, the market fell again and Hang Seng index fell to a morning low of 30945 points, down 118 points. Education shares rose. Sino Education rose 6.5%. New Education rose 11.6%. Minsheng Education rose 4.3%. 21 Century Education rose 4.9%. Airlines also rose. Air China rose 3%. China Southern rose 2.9% and China Eastern rose 1.35%. Pharmaceutical stocks rose. CSPC rose 3.3% to become the top gainer among the blue chips. Fosun Pharma rose 2 .1%.  Baiyunshan rose 2%. Wuxi Pharma rose 2%. Hang Seng index closed the morning up 88 points and H share index up 56 points. Turnover was $47.2 billion.

In the afternoon, the gain widened. News of positive results from the Trump-Kim summit drove up Hong Kong shares. CSPC, China Mobile and China Construction Bank were the early leaders. CSPC rose 5% to lead the blue chips. Other pharmaceutical stocks followed higher. Sino Biopharm rose 5%. Baiyunshan rose 5.65%. Fosun Pharma rose 3.8%. Wuxi Pharm rose 1.8%. A shares rose further in the afternoon by 0.89%. Shanghai composite index rose 27 points. Property management companies rose strongly. Colour Life rose 6.8%. A Living rose 4.9%. However, Clifford M L fell 4.1%. Education shares soared. Top Education rose 14%. China Xinhua Education rose 8%. Minsheng Education rose 7.9%. Yuhua Education rose 6.8%. Wisdom Education rose 7.6%.   The Hong Kong market retreated slightly just before the close. Hang Seng index closed up 39 points and H share index up 34 points. Turnover was $87.7 billion.  

Overnight, overseas markets were range bound.   The good result from the Trump-Kim summit had little effect on global markets. European markets fell slightly. DAX lost 0.6 point; CAC lost 20 points and FTSE lost 33 points. US markets were mixed. Dow Jones lost 1 point; S & P rose 4 points and Nasdaq rose 40 points. Hong Kong ADR’s fell 61 points in New York. Night future lost 156 points. ZTE will resume trading after two months suspension. We expect the share price to fall sharply. We expect the market to fall today. 
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