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Meituan fell to drag down the market.
The market opened higher on Monday. Hang Seng index opened up 80 points, H share index up 32 points and technology index up 22 points. AIA lost 1.87% for 33-point loss. On the oth...
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Meituan fell to drag down the market.
Analyst : Lun Sheung Nim (CEO)
The market opened higher on Monday. Hang Seng index opened up 80 points, H share index up 32 points and technology index up 22 points. AIA lost 1.87% for 33-point loss. On the other hand, Alibaba rose 1.33% for 26-point gain. HSBC rose 1.33% for 22-point gain. CM Bank rose 1.67% for 6-point gain. Techtronic rose 2% to lead the blue chips for 6-point gain. A shares opened up 6 points. The market rose further after opening. Hang Seng index gained more than 100 points at one time. Only to fall back again to trade between gain and loss. Tencent rose 0.8% for 15-point gain. Meituan lost 1.6% for 23-point loss. Macau gaming shares benefit from opening of borders. Sands rose 3.8%. MGM rose 3.3%. SMJ rose 3%. Galaxy rose 1.7%. Local properties also benefit from reopening of borders. New World rose 4%. Henderson rose 2.34%. Techtronic rose 5.6% for 15-point gain. Auto shares fell. BYD lost 2.5%. Geely lost 2.8%. Nio lost 1.6%. Li Auto lost 3.1%. Handset suppliers rose sharply. AAC rose 7.8%. Sunny Optical rose 6.4% to lead the gainers. Q-Tech rose 2.4%. The market rose further in midmorning, as Hang Seng index gained more than 200 points. Wuxi Biologics rose 4% for 19-point gain. A shares closed the morning up 46 points. Hang Seng index reached a high of 21947, up 209 points. HSBC, Wuxi Biologics, Techtronic, Alibaba and CM Bank led the rally. Hang Seng index closed the morning up 157 points, H share index up24 points and technology index up6 points. Turnover was $75.1 billion.

The market turned from gain to loss. Meituan fell 4.7% for 61-point loss, and was the culprit for market’s weakness. Tencent lost 1.3% for 24-point loss. JD lost 2.6% for 18-point loss. HK Exchanges lost 2.2% for 15-point loss. On the contrary, HSBC rose 2% for 34-point gain. Wuxi Biologics rose 3.2% fore 13-point gain. Techtronic rose 5.7% to lead the blue chips for 14-point gain. Pharmaceutical shares rose sharply. CSPC rose 2%. Hansoh Pharma rose 1.9%. Wuxi Apptec rose 7.8%. JW Therapeutic rose 18.5%. Zai Lab rose 10.5%. Vivatech rose 16.6%. NH Health rose 14%. However, local properties rose. New World rose 3.8%. Henderson Land rose 2.9%. Link rose 2.85% and SHK Properties rose 1.67%. Local jewelers rose. Luk Fook rose 4.3%. Tse Shiu Lun rose 3.85%. Koolearn clarified that it did not receive` broadcast rights for the CCTV Chinese New Year Eve program. Share price fell 6%. Retailers fell. Haidilao lost 4.2%. Lining lost 3.3%. Chow Tai Fook lost 2.7%. Lenovo lost 4.75% to become the top loser, as global personal computer sales crashed 29% in the last quarter of 2022. A shares closed up 32 points. Hang Seng index reached a low of 21572, down 166 points and closed down points, H share index down points and technology index down points. Turnover was $140.8 billion.

Overnight, European markets edged up. Economists revised upward economic growth of EU in 2023 due to mild winter and reopening of China. DAX rose 47 points. CAC rose 20 points and FTSE rose 16 points. US markets were closed for the Martin Luther King Memorial Holiday. Night future lost 58 points. The Lunar New Year holiday is approaching. Investors will stay on the sideline. The market will be range bound.  
 
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