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The National team intervened in the market. Hong Kong market turned from loss to gain.
The Hong Kong market opened higher on Friday. Hang Seng index opened up 72 point and H share index up 28 points. China Mobile rose 1.1% to contribute 14 point gain. HSBC rose 0.41%...
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The National team intervened in the market. Hong Kong market turned from loss to gain.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2018/07/09 09:10
The Hong Kong market opened higher on Friday.  Hang Seng index opened up 72 point and H share index up 28 points.  China Mobile rose 1.1% to contribute 14 point gain.  HSBC rose 0.41% for 12 point gain.  AIA rose 0.45% for 11 point gain.  Tencent rose 0.36% for 9 point gain.  AAC rose 1.42% to become the top gainer at opening.  A shares opened down 0.09%.  Shanghai composite index lost 2 points.  The market turned from gain to loss after opening.  Hang Seng index lost more than 200 points.  AIA lost 1.34% for 34 point loss.  Tencent lost 1.25% for 34 point loss.  ICBC lost 1.63% for 21 point loss.  HSBC lost 0.7% for 20 point loss.  Mainland developers fell.  CR Land lost 2.95%; Country Garden lost 3.2%.  China Overseas Land lost 1.62% to lead the gainers.  Daqing Dairy resumed trading after six-year suspension.  It resumed trading as a restaurant operator. Share price crashed 87%.  YOFC was downgraded by broker and fell 7.7%.  In the same manner, Zhongsheng Holding was downgraded and share price fell 7%.  A shares closed the morning down 0.34%.  Shanghai composite index lost 9 points. Hang Seng index closed the morning down 135 points and H share index down 69 points.  Turnover was $44.8 billion.
 
In the afternoon, the US started to levy tariff on US$34 billion of Chinese imports.  The market’s reaction was surprising restraint.  Investors went bargain hunting.  A shares rebounded 1.1%.  Shanghai composite index rose 29 points.  A shares’ gain drove up Hong Kong shares.  Hang Seng index rose more than 300 points and reached an intraday high of 28554 points, up 372 points.  AIA rose 1.34% for 35 point gain.  CCB rose 1.8% for 40 point gain.  Tencent rose 0.83% for 22 point gain.  China Mobile rose 1.6% for 21 point gain.  Ping An rose 1.6% for 16 point gain.  Mengniu, CSPC, Geely and Sunny Optical were the top percentage gainers.  Macau gaming stocks also advanced.  Galaxy rose 3.4%.  Sands rose 2%.  Wynn rose 4.3%.   A shares closed up 0.49%.  Shanghai composite index closed up 13 points.  Hang Seng index reached an intraday high of 28554 points, up 372 points.  However, the market could not hold on to its gain and retreated.  Hang Seng index closed up 133 points and H share index closed up 14 points.  Turnover was $98.4 billion.  For the week, Hang Seng index closed down 640 points and H share index down 451 points. 
 
Last Friday night, overseas markets rose.  European markets edged higher.  DAX rose 31 points; CAC rose 9 point and FTSE rose 14 points.  June US non-farm payroll rose 213000, better than expected. US markets rose despite the start of the trade war with China. Dow Jones rose 99 points. S & P rose 23 points and Nasdaq rose 106 points.  Hong Kong ADR’s rose 76 points in New York.  Night future closed up 287 points.  The China-US trade war started last Friday, which will hurt China.  China and Hong Kong markets will be adversely affected.  We expect the market to fall today. 
 
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