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The market fluctuated wildly. It opened down sharply only to recover all the losses.
Chinese stocks listed in New York fell sharply on Wednesday. Hong Kong technology stocks opened down sharply on Thursday. Hang Seng index opened down 290 points, H share index down...
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The market fluctuated wildly. It opened down sharply only to recover all the losses.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
Chinese stocks listed in New York fell sharply on Wednesday. Hong Kong technology stocks opened down sharply on Thursday. Hang Seng index opened down 290 points, H share index down 187 points and technology stocks down 228 points. The four blue chips technology stocks fell sharply. Tencent lost 3.77% for 104-point loss. Alibaba lost 4.95% for 73-point loss. Meituan lost 3.4% for 47-point loss. Xiaomi lost 4.6% for 45-point loss. On the contrary AIA rose 1.4% for 37-point gain. HSBC rose 0.8% for 19-point gain. Anta Sports rose 5.9% to top the gainers. The market fell sharply after opening. Hang Seng index lost more than 400 points. The SEC started procedure to delist Chinese listed stocks if they failed to meet international accounting standard for three years. Technology stocks fell sharply. Tencent lost 5.2% for 145-point loss. Alibaba lost 5.9% for 85-point loss. Xiaomi lost 7% for 66-point loss. Meituan lost 4.8% for 65-point loss. However, AIA successful bought the life insurance business of Bank of East Asia. Share price rose 2% for 54-point gain. Hang Seng index fell to a low of 27505, down 413 points. The market had support at low level. The Central Bank was rumored to lower RRR for specific sectors. A shares rebounded. Technology stocks rebounded from opening lows. Hang Seng index turned from loss to gain. Hang Seng index reached a high of 27988, up 70 points. A shares closed the morning down 0.01%. Shanghai composite index closed down 0.42 points. Hang Seng index closed the morning up 10 points, H share index down 97 points, technology index down 153 points. Turnover was $120 billion.

The Hong Kong market rose further in the afternoon. Hang Seng index rose more than 100 points. Heavyweights led the rally. AIA rose 3.1% for 82-point gain. The SEC established legal framework to delist overseas companies that failed to comply with US accounting standards. The move would accelerate the pace of China concept stocks returning to list in Hong Kong. HK Exchanges rose 3.8% for 49-point gain. Broker raised the outlook for Anta Sports. Share price rose 10% for 28-point gain. Wuxi Biologics rose 3.6% for 26-point gain. The Central Government would establish an agency to oversee the gathering of big data by the internet giants. Internet stocks fell on the news. Alibaba lost 3.6% for 51-point loss. Tencent lost 1.6% for 44-point loss. Xiaomi lost 3.8% for 35-point loss. Meituan lost 0.96% for 13-point loss. Hang Seng index rose to a high of 28032, up 114 points. Then the market fell back again into negative territory. SAAS shares rose. China Youzan rose 8.1%. Weimob rose 4.1%. Vobile rose 4%. A shares closed down 0.1%. Shanghai composite index closed down 3 points. Hang Seng index closed down 18 points, H share index down 103 points and technology index down 96 points. Turnover was $200 billion.

Overnight, overseas markets rebounded. European markets were range bound. DAX rose 11 points. CAC rose 5 points but FTSE lost 38 points. US markets first fell but rose at the close. Dow Jones rose 199 points. S & P rose 20 points. Nasdaq rose 15 points. Hong Kong ADRs’ lost 22 points in New York. Night future rose 104 points. We expect the market to rebound today.  
 
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