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BYD fell sharply on reduction by key fund.
The Hong Kong market opened virtually unchanged on Wednesday. Hang Seng index rose 2 points. H share index lost 4 points but technology index rose 18 points. Wuxi Biologics rose 3....
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BYD fell sharply on reduction by key fund.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened virtually unchanged on Wednesday. Hang Seng index rose 2 points. H share index lost 4 points but technology index rose 18 points. Wuxi Biologics rose 3.96% for 39-point gain. Tencent rose 0.81% for 17-point gain. HSBC lost 1.22% for 25-point loss. Meituan lost 0.68% for 15-point loss. A shares opened down 0.61%. Shanghai composite index opened down 21 points. The market turned from gain to loss after opening. Hang Seng index lost more than 200 points. Meituan lost 3.53% for 79-point loss. HSBC lost 1.88% for 39-point loss. AIA lost 1.96% for 44-point loss. BYD fell 6.4% as Buffets’ fund sold shares. It was the top blue chip loser for 27-point loss. Ping An lost 2.4% for 24-point loss. Wuxi Biologics issued positive profit alert. Share price rose 8% for 80-point gain. Medical shares rose. Medical beauty shares rose the most. Sisram Medical rose 9.6%. Sihuan rose 6.9%. Medical services shares rose. Alphamab rose 6.1%. Ocumension rose 5.4%. C Mer rose 5.3%. Mainland banks were asked to concede profit for the country. Their share prices fell. CCB lost 1.1% for 14-point loss. ICBC lost 0.9%. Solar energy stocks fell. Xinyi Solar lost 4.2%. Flat Glass lost 3.5%. China Glass lost 4.9%. Comtec lost 4%. A shares closed the morning down 0.82%. Shanghai composite index closed down 29 points. Hang Seng index fell to a low of 27735, down 228 points. Then the market recovered slightly. Hang Seng index closed the morning down 162 points. H share index closed down 45 points but technology index closed up 28 points. Turnover was $79.7 billion.

The market fell further in the afternoon. Hang Seng index lost more than 200 points. Meituan and financials fell. Meituan lost 2.5% for 58-point loss. AIA lost 1.8% for 41-point loss. HSBC lost 1.66% for 34-point loss. Ping An lost 2.7% for 27-point loss. BYD lost 5.9% for 25-point loss. CCB lost 1.62% for 21-point loss. On the contrary, Wuxi Biologics issued positive profit alert. Share price rose 6.6% for 65-point gain. Tencent rose 1% for 20-point gain. CSPC rose 4.56% for 9-point gain. Sino Biopharm rose 3%. Shipping stocks fell to profit taking. OOIL lost 7%. Cosco Holding lost 5.7%. Cosco Development lost 3.6%. Steelmakers fell. Angang lost 3%. Maanshan Iron lost 1%. IRC’s mine failed to obtain dangerous site permit and was fined US$3000. Share price rose 7%. Non-ferrous metals rose. Jiangxi Copper rose 3.8%. Chalco rose 4.2%. Luoyang Moly rose 3.2%. Chow Tai Fook corrected earlier announcement. Sales in same stores in Hong Kong rose 50% in the first quarter. Share price crashed 10%. Sisram announced first half profit would rise 1.9 times. Share price soared 23%. Beauty medical shares rose sharpy. Sisram Medical announced that first half profit would increase 1.9 times. Share price soared 23%. Raily Aesmed rose 13%. Shihuan Pharm rose 10%. Haohi Medical rose 7.7%. A shares closed down 1.07%. Shanghai composite index closed down 38 points. Hang Seng index closed down 176 points, H share index down 98 points. Yet, technology index closed up 8 points. Turnover was $143.6 billion.

Overnight, overseas markets had no direction. Both DAX and CAC lost less than 1 point. FTSE lost 33 points. Dow Jones rose 44 points. S & P rose 5 points and set record high. Nasdaq lost 32 points. ADR’s lost 7 points and night future lost 5 points. We expect the market to fall today.  
 
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