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Hong Kong stocks fell on weak RMB exchange rate.
The market opened slightly lower on Wednesday. Hang Seng index opened down 60 points, H share index down 26 points and technology index down 10 points. HSBC lost 0.72% for 14-point...
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Hong Kong stocks fell on weak RMB exchange rate.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly lower on Wednesday. Hang Seng index opened down 60 points, H share index down 26 points and technology index down 10 points. HSBC lost 0.72% for 14-point loss. Alibaba rose 0.54% for 8-point gain. Longfor lost 2% to become the top loser at opening. Hansoh Pharm rose 5.2% to become the top gainer. Shanghai composite index opened down 8 points. The market fell further after opening as Hang Seng index lost more than 100 points. Meituan lost 0.78% for 8-point loss. CCB lost 0.78% for 8-point loss. HSBC lost 0.64% for 12-point loss. ICBC lost 1.67% for 9-point loss. Hang Seng index lost more than 200 points in midmorning as heavyweight fell further. Meituan lost 2.983% for 34-point loss. Tencent lost 1.3% for 20-point loss. AIA lost 1.22% for 19-point loss. HSBC lost 0.72% for 14-point loss. Alibaba lost 1.3% for 20-point loss. HK Exchanges lost 2.1% for 14-point loss. CCB lost 1.3% for 13-point loss. Mainland developers lost the most ground. Longfor lost 4.56% and Country Garden lost 4.3% to lead the losers. The Chinese Government is going to restrict the export of certain metals in retaliation for US’s embargo on semiconductor equipment. Non-ferrous metals shares rose sharply. JL Mag rose 9%. Chalco rose 3.45%. Luoyang Moly rose 2.57%. Xinxin Mining rose 5.9%. Shanghai composite index closed the morning down 16 points. Hang Seng index reached a low of 19113, down 302 points and closed down 268 points. H share index closed down 117 points and technology index down 59 points. Turnover was $42.7 billion.

The market was little changed in the afternoon. Hang Seng index lost more than 300 points. Meituan lost 2.5% for 29-point loss. Alibaba lost 1.84% for 29-point loss. Tencent lost 1.3% for 20-point loss. AIA lsot 1.1% for 17-point loss. HSBC lost 0.8% for 16-oint loss. HK Exchanges lost 2.56% for 17-point loss. CCB lost 1.57% for 16-point loss. Lining lost 5.9% for 11-point loss. Consumption stocks fell. Zhongcheng lost 4.67%. CR Beer lost 4.1%. Nongfu Spring lost 3.1%. Haidilao lost 3%. Technology stocks fell. Sensetime lost 5%. GDS lsot 4.6%. Bili Bili lost 2.9%. Chinese Literature lost 2.75%. Handset suppliers fell. Sunny Optical lost 4%. BYD Electronic lost 3.8%. AAC lost 1.2%. Pharmaceutical shares fell. Hansoh Pharmaceutical lost 4%. Sino Biopharm lost 2%. CSPC lost 2.5%. Akeso lost 6%. BRII lost 5.9%. Genscript lost 2.9%. Shanghai composite index closed down 22 points. Hang Seng index reached a low of 19096, down 319 points and closed down 305 points. H share index closed down 123 points and technology index down 58 points. Turnover was $86.9 billion.

Overnight, overseas markets fell on rising interest rate in the US. DAX lost 101 points. CAC lost 59 points and FTSE lost 77 points. US markets ended a 3-day rising streak. Dow Jones lost 130 points. S & P lost 9 points and Nasdaq lost 25 points. Hong Kong ADR’s lost 97 points. Night future lost 64 points. We expect the market to fall again.
 
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