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China-US trade war will start today.
The Hong Kong market opened lower on Thursday. Hang Seng index opened down 139 point and H share index down 122 points. ICBC and BOC went ex-dividend and caused 65 and 45 point fal...
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China-US trade war will start today.
2018/07/06 09:21
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened lower on Thursday.  Hang Seng index opened down 139 point and H share index down 122 points.  ICBC and BOC went ex-dividend and caused 65 and 45 point fall in the index. AIA lost 0.6% for 15 point loss. HSBC rose 0.42% for 12 point gain. A shares opened down 0.04%. Shanghai composite index lost 1 point. Pharmaceutical stocks rebounded. CSPC rose 2.6% to become the top gainer. Country Garden which has fallen sharply recently rebounded 2.4%. Crude oil fell. Oil stocks retreated. Sinopec lost 1.38% to lead the losers. Airlines rose on lower oil prices. China Eastern rose 4.7%. China Southern rose 3%. Air China rose 2.94%. The market rebounded momentarily after opening mainly due to 1.15% gain by Tencent, which accounted for 33 point gain. CCB rose 2% to contribute 42 point gain. Hang Seng index rose to an intraday high of 28321 points up 80 points. However, the gain was fleeting as A shares closed the morning down 0.88%. Shanghai composite index closed the morning down 24 points. Hong Kong shares followed A shares to trade lower. Insurers and oils led the fall. Hang Seng index closed the morning down 246 points, and fell below 28000 points. H share index closed down 184 points. Turnover was $41.9 billion.
 
The market fell further in the afternoon. Investors worried about the looming China-US trade war. Hang Seng index lost more than 300 points. Insurers AIA and Ping An led the fall. AIA lost 1.26% for 32 point loss. Ping An lost 2.3% for 26 point loss. CNOOC lost 2.95% for 21 point loss. Petrochina lost 2.8% and Sinopec lost 1.32%. The three sectors which outperformed the market in the first half, pharmaceutical, education and property management all fell sharply in the afternoon, as investors took profit. CSPC lost 1.9%. Sino Pharmaceutical lost 4%. HEC lost 3.9%. 3 Biopharm lost 4.1%. Education shares fell across the board. Mapleleaf Education lost 5%. Sino Education lost 6.5%. Top Education lost 6.7%. 21 Century Education lost 5.3%. Property management companies also fell. Clifford Living lost 8.3%. Colour Life lost 3.8%. A Living lost 4%. Hang Seng index fell to an intraday low of 27831 points, down 410 points. A shares closed down 0.91%. Shanghai composite index closed down 25 points. The market rebounded after A shares’ close and recovered most of the losses. Hang Seng index closed down 58 points and H share index closed down 104 points. Turnover was$93.4 billion.
 
Overnight, overseas markets rose. European markets were higher. DAX rose 147 points; CAC rose 45 point and FTSE rose 30 points. US markets first fell but closed higher. Dow Jones rose 182 points. S & P rose 23 points and Nasdaq rose 86 points.  Hong Kong ADR’s fell 39 points in New York. Night future closed up 19 points. The China-US trade war will start today. China and Hong Kong markets will be adversely affected.  We expect the market to fall today. 
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