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The Federal Reserve stopped raising interest rate for now.
The Hong Kong market opened higher on Wednesday. Hang Seng index opened up 39 points and H share index up 3 points. HSBC rose 0.76% to contribute 20 point gain. CNOOC rose 1.9% for...
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The Federal Reserve stopped raising interest rate for now.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2019/01/31 09:09
The Hong Kong market opened higher on Wednesday. Hang Seng index opened up 39 points and H share index up 3 points. HSBC rose 0.76% to contribute 20 point gain. CNOOC rose 1.9% for 13 point gain. On the contrary, AIA fell 0.95% to cause 24 point fall. China Life issued profit warming. Share price fell 4.47% to lead the losers at opening and caused 19 point drop. Apple’s results were better than expected. Handset suppliers rose. AAC rose 3.3% and Sunny Optical rose 2.8% to become the top two gainers. A shares opened down 0.44%. Shanghai composite index opened down 11 points. Hong Kong shares turned from gain to loss after opening. Hang Seng index lost more than 100 points, mainly due to fall in financials like AIA, China Life, CCB and ICBC. Tencent also fell to drag down the market. Crude oil rose. CNOOC rose 1.58% to lead the gainers. Tongda which soared 42% on Tuesday fell 11% to profit taking. Hang Seng index fell to a morning low of 27370 points, down 161 points. However, the market had support at low level and rebounded from morning low. HSBC and Ping An rose. In addition Mainland developers rose to lead the market. Country Garden rose 4.3%. CR Land rose .37% and China Overseas rose 2.5% to lead the gainers. A shares closed the morning up 0.09%. Shanghai composite index rose 2 points. Hang Seng index closed the morning up 78 points and H share index up 22 points. Turnover was $54.5 billion.
 
In the afternoon, the market’s gain narrowed. Hang Seng index rose slightly. HSBC and Mainland developers rose to support the market. However, insurers fell. AIA lost 0.73% to cause 18 point drop. China Life lost 2.6% to cause 11 point drop.  On the other hand, Country Garden rose 5.85%; CR Land rose 4.75% and China Life rose 2.84% to lead the blue chips. Logan Property’s Chairman was involved in corruption case. Share price fell 8% in the morning but recovered in the afternoon. Home appliances share were supported by official policy. Skyworth rose 2.2%. Haier rose 1.1%. TCL lost 2.7%. Carmakers were mixed. Great Wall rose 2.3% but Geely lost 0.5% and Brilliance lost 2.5%. Handset suppliers turned from gain to loss in the afternoon. AAC lost 3.2% to lead the losers. Sunny Optical lost 2.3%. Jiayuan resumed trading. Share price soared more than 22% at one time. A shares closed down 0.72%. Shanghai composite index lost 18 points. Hong Kong shares followed A shares lower. Tencent lost 0.58% to cause 18 point fall. Jiayuan resumed trading. Share price soared as much as 22%. Hang Seng index reached an afternoon low of 27519 points, down 12 points. Then the market rebounded and closed at 27642 points, up 111 points. H share index closed up 29 points. Turnover was $94.7 billion.
 
Overseas markets generally rose last night. European markets were mixed.  DAX lost 37 points; CAC rose 46 points. FTSE rose 107 points. The Federal Reserve temporarily stopped raising interest rate. Dow Jones rose as much as 500 points in early trading and closed up 435 points. S & P rose 41 points. Apple rose 6% to help Nasdaq to gain 154 points. Hong Kong ADR’s rose 189 points in New York. Night future rose 24 points. We expect the market to rise today. 
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