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Technology stocks fell sharply.
The Hong Kong market opened sharply lower on Wednesday. Hang Seng index opened down 243 points, H share index down 110 points and technology index down 121 points. Technology stock...
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Technology stocks fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/10/28 09:12
The Hong Kong market opened sharply lower on Wednesday. Hang Seng index opened down 243 points, H share index down 110 points and technology index down 121 points. Technology stocks led the fall. Meituan lost 2.83% to lead the losers for 66-point loss. Alibaba lost 2.48% for 52-point loss. Tencent lost 2.2% for 48-point loss. AIA lost 1.4% for 28-point loss. WH Group rose 2.3% to become the top gainer. Electric car shares retreated from Tuesday’s highs. BYD lost 1.48%. Geely lost 3%. XPeng lost 5.4%. Li Auto lost 2.6%. A shares opened down 8 points. The market fell sharply after opening. The FCC revoked the business license of a China Telecom subsidiary operating in the US, and ordered it to stop operating in 60 days. Investors feared that China concept stocks would be delisted in the US. China concept shares fell sharply. Hang Seng index lost more than 400 points. Technology stocks led the rout. Meituan lost 5.2% for 121-point fall. Alibaba lost 3.5% for 74-point loss. Tencent lost 3.3% for 72-point loss. Second line technology stocks fell sharply. Autohome lost 7.24%. Bili Bili lost 6.6%. Ali Health lost 6.4%. Kuaishou lost 5.3%. Netease lost 4%. Xiaomi lost 2.7%. JD lost 4.5%. Coal miners fell as coal prices fell. China Coal lsot 4.2%. Shenhua lost 2.9%. Yanzhou Coal lost 6.2%. Hang Seng index fell to a low of 25555, down 483 points. A shares closed the morning down 34 points. Hang Seng index closed the morning down points, H share index down points, and technology down points. Turnover was $ billion.

The market was little changed in the afternoon. Hang Seng index lost more than 400 points. Technology stocks led the fall. Meituan lost 5% for 118-point loss. Alibaba lost 3.2% for 68-point loss. Tencent lost 3.3% for 72-point loss. AIA lost 2% for 41-point loss. Xiaomi lost 2.4% for 17-point loss. However, certain sectors rose against the market. Mainland developers rose. CR Land rose 2.1%. Longfor rose 1.45% to lead the gainers. Power generators rose. CR Power rose 7.8%. Huaneng International rose 9.3%. China Power rose 6.8%. Huadian rose 8.1%. Wind power shares rose. Goldwind rose 11%. Longyuan rose 3.2%. Shunfeng rose 1.65%. Tesla supplier EVA Holdings soared as much as 30%. However, metals fell due to power shortage. The production of large steel rods fell. Maanshan Iron lost 5.8%. Angang Steel lost 2.5%. Non-ferrous metals fell. Chalco lost 8.35%. Jiangxi Copper lost 2.45%. Luoyang Moly lost 3.5%. MMG lost 3.4%. Colour Life crashed 35%, as it failed to repay debt to CG Service. Yuhua Education made placement and fell 22%. Pax Global’s terminals were accused of irregularities. Share price crashed 43% before trade suspension. A shares closed down 35 points. Hang Seng index closed down 409 points, H share index down 165 points, technology index down 212 points. Turnover was $120.7 billion.

Overnight, overseas markets fell. DAX lost 51 points. CAC lost 13 points and FTSE lost 24 points. Dow Jones lost 266 points. S & P lost 23 points. Nasdaq was unchanged. Hong Kong ADR’s lost 65 points. Night future lost 5 points. We expect the market to fall today.  
 
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