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Mainland developers and pharmaceuticals fell sharply.
The Hong Kong market opened almost unchanged on Wednesday. Hang Seng index opened up 0.75 point and H share index down 24 points. Tencent lost 0.4% to drag down the index by 12 poi...
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Mainland developers and pharmaceuticals fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2018/07/05 09:10
The Hong Kong market opened almost unchanged on Wednesday.  Hang Seng index opened up 0.75 point and H share index down 24 points.  Tencent lost 0.4% to drag down the index by 12 points. Bank of Communications lost 0.125% and went ex-dividend to cause 9 point loss. China Mobile rose 0.73% for 9 point gain. Macau gaming stocks rebounded. Sands rose 1.9%. Galaxy rose 0.9%. A shares opened down 0.37%. Shanghai composite index lost 10 points. The RMB exchange rate was stable against the US dollar at 6.6425. The HK Government reached a new agreement with the two power utilities, allowing them to increase tariffs. CLP rose 5.7%. Power Assets rose 2.7%. The market was still range bound after opening but soon fell sharply as heavyweights led the fall. Hang Seng index lost more than 300 points. Sunny Optical lost 3.6%; AAC lost 3.4%. Tencent lost 1.9% to cause 56 point fall. Mainland developers continued to fall. Country Garden lost 5.6% to become the top loser. Hang Seng index fell to a morning low of 28170 points, down 375 points. A shares closed the morning down 0.69%. Shanghai composite index lost 19 points. Hang Seng index closed the morning down 306 points and H share index down 161 points. Turnover was $44.3 billion.
 
In the afternoon, the market was little changed in early trading. Hang Seng index lost about 300 points. Tencent lost 1.9%. CNOOC lost 3.45%. Country Garden lost 7.1%. Sectors like pharmaceutical, education and property management that rose strongly in the first half succumbed to profit taking. Pharmaceutical stocks took a tumble. CSPC lost 8.3%. Genscript lost 9.5%. Sinopharmaceutical lost 5.1%. Livzon lost 2.8%. Education shares fell sharply. Sino Education lost 5.4%. New Higher Education lost 5.3%. Mensheng Education lost 7.6%. Yuhua Education lost 5.3%. Likewise, property management companies took a beating. Colour Life lost 6.2%. A Living lost 6.3%. Country Garden Property lost 6.1%. Price of crude oil fell. Oils lost ground. Petrochina lost 1.5% and Sinopec lost 1.3%. However, airlines continued to fall sharply. Air China lost 1.4%. China Southern lost 4.8%. China Eastern lost 4.15%. A shares fell further in the afternoon to closed down 1%. Shanghai composite index lost 28 points at the close. Hong Kong shares traded lower. Hang Seng index lost more than 400 points and fell to an intraday low of 28141 points, down 404 points. Fortunately, the market rebounded before the close and the loss narrowed by 100 points. Hang Seng index closed down 304 points and H share index closed down 159 points. Turnover was $89.1 billion.
 
Overnight, European markets were mixed.  European markets were range bound. DAX lost 27 points; CAC rose 1 point and FTSE lost 23 points. US markets were closed for national day. Night future closed up 43 points. The market is now oversold after two straight days of sharp losses.  We expect the market to rebound today. 
 
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