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Alibaba’s major shareholder Softbank sold shares, which caused the market to fall.
The market opened lower on Wednesday. Hang Seng index opened down 221 points, H share index down 80 points and technology index down 69 points. Alibaba lost 3.3%for 49-point loss. ...
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Alibaba’s major shareholder Softbank sold shares, which caused the market to fall.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Wednesday. Hang Seng index opened down 221 points, H share index down 80 points and technology index down 69 points. Alibaba lost 3.3%for 49-point loss. AIA lost 1.7% for 28-point loss. HSBC lost 1.3% for 22-point loss. Meituan lost 1% for 12-point loss. Wuxi Biologics lost 2.2% for 12-point loss. Tencent lost 1.34% for 11-point loss. Country Garden made placement at 11% discount. Share price crashed 11.3% to lead the losers. CG Services lost 7.6%. Petrochina rose 1.37% to lead the gainers at opening. The market fell further after opening, as Hang Seng index lost more than 300 points. Mainland developers followed Country Garden lower. Longfor lost 5.8%. China Overseas Land lost 3.3%. CR Land lost 2.2%. Cifi lost 11.5%. Miniso was attacked by Orca for account inaccuracies. Share price fell 11.7%. Major shareholder Softbank sold shares in Alibaba. Alibaba lost 3.8% for 57-point loss. Wuxi Biologics lost 3% for 17-point loss. Lining lost 4.6% for 14-point loss. CG Services lost 15.6% for 14-point loss. Hang Seng index closed the morning down 310 points, H share index down 120 points and technology index down 75 points. Turnover was $45.7 billion.

The market rebounded briefly in early afternoon. Hang Seng index was down by 200 points. Alibaba lost 3.6% for 55-point loss. Tencent lost 2.3% for 20-point loss. CG Services lost 22% to become the top loser for 20-point loss. Wuxi Biologics lost 4.6% for 23-point loss. Geely lost 4.5%. GCL Technology lost 4%. Hang Seng index reached a high of 20696, down 210 points. OOIL rose 2.7% to become the top gainer. Consumption stocks rose. Mengniu rose 1.3%. CR Beer rose 1.1%. However, sportswear shares fell. Anta lost 4%. Lining lost 3.7%. However, the market fell further in late trading. It was reported that the SEC refused to accept any limits on audit requirement for Chinese companies listed in the US. Negotiation reached an impasse. The likelihood of Chinese companies being forced out of the US exchanges increased. A shares closed down 1 point. Hang Seng index closed down 235 points, H share index down 93 points and technology index down 59 points. Turnover was $87.2 billion.

Overnight overseas markets rose. European markets edged higher. DAX rose 69 points. CAC rose 46 points and FTSE rose 42 points. The Federal Reserve raised interest rate by 3/4% as expected. Chairman Powell declared that the US was not yet in recession, but the pace of interest rate hike would be moderated. The news sparked a strong rally in US markets. Dow Jones rose 436 points. S & P rose 102 points. Nasdaq soared 470 points. Hong Kong ADR’s rose 51 points and night future rose 93 points. We expect the market to rise today.
 
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