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US-China trade talk failed to reach any substantive agreement.
The Hong Kong market opened lower on Thursday. Hang Seng index opened down 70 points and H share index down 32 points. AIA rose 1.67% to contribute 40 point gain. Sinopec rose 2.5%...
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US-China trade talk failed to reach any substantive agreement.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2019/01/11 09:17
The Hong Kong market opened lower on Thursday. Hang Seng index opened down 70 points and H share index down 32 points. AIA rose 1.67% to contribute 40 point gain. Sinopec rose 2.5% to contribute 11 point gain. Tencent rose 0.43% to contribute 11 points. On the contrary, HSBC lost 1.15% for 30 point loss. China Mobile lost 2% for 30 point loss. CCB lost 0.76% for 16 point loss. ICBC lost 1% for 13 point loss. A shares opened down 0.08%. Shanghai composite index opened down 2 points. The market fell further after opening. Hang Seng index lost more than 200 points. HSBC lost 1.6% to drag down the index by 42 points. Tencent lost 0.86% to account for 25 point loss. Crude oil rose for 8 consecutive days. Oil stocks rose. Sinopec rose 1.33%; Petrochina rose 1% and CNOOC rose 0.8%. The top three gainers were CSPC up 5.11%, Geely up 3.8% and Sunny Optical up 3.5%. Hang Seng index fell to a morning low of 26212 points, down 250 points. Then, A shares turned from loss to gain and Hong Kong stocks followed higher. A shares closed the morning up 0.23%. Hong Kong market turned from loss to gain near midday. Insurers led the rally. Ping An rose 2.5% for 29 point gain. AIA rose 0.76% for 16 point gain. CSPC rose 8.8% for 14 point gain. Hang Seng index closed the morning up 97 points and H share index up 47 points. Turnover was $54.9 billion. 
 
In the afternoon, the market fell slightly. HSBC lost 1.07% for 28 point loss. China Mobile lost 1.13% for 17 point loss. CCB lost 0.76% for 16 point loss. Pharmaceutical stocks soared. Sino Biopharm rose 10.4% and CSPC rose 10.15% to lead the gainers. Luye rose 3.2%. Fosun Pharma rose 2.3%. Sunny Optical’s December delivery rose 40%. Share price rose 4%. However, AAC lost 2%. Consumer stocks continued to rise. Want Want rose 3.15%. Mengniu rose 1.45%. U- President rose 1.95%. Carmakers were mixed. GAC rose 7%. Great Wall rose 4.5%. However, BYD fell 2.2% and Geely lost 0.7%. Software stocks rose. Kingsoft rose 3.4%. Kingdee rose 1%. Xiaomi fell again and lost 3.7%. A shares closed down 0.36%. Shanghai composite index closed down 9 points. Hang Seng index reached a high of 26588 points, up 126 points and fell to a low of 26393 points, down 69 points. The market managed to eke out a small gain at the close. Hang Seng index closed up 59 points and H share index up 36 points. Turnover was $95.6 billion. 
 
Overnight, overseas markets were mixed. China and the US failed to reach any substantive agreement on key issues. In addition, the US Federal Government partial shutdown reached two weeks. European markets lacked direction. DAX rose 28 points; CAC lost 8 points and FTSE rose 36 points. US stocks rose for five consecutive days. Dow Jones rose 122 points; S & P rose 11 points and Nasdaq rose 20 points. Hong Kong ADR’s rose 135 points in New York. Night futures rose 208 points. We expect the market to fall today. 
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