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The market worried about rising interest rate. Hong Kong market fell for two consecutive days.
The Hong Kong market opened lower on Thursday. Hang Seng index opened down 238 points, H share index down 96 points and technology index down 25 points. Alibaba lost 3% for 39-poin...
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The market worried about rising interest rate. Hong Kong market fell for two consecutive days.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened lower on Thursday. Hang Seng index opened down 238 points, H share index down 96 points and technology index down 25 points. Alibaba lost 3% for 39-point loss. Meituan lost 2.2% for 25-point loss. HSBC lost 1.05% for 22-point loss. Tencent lost 1.5% for 18-point loss. CCB lost 0.7% for 8-point loss. Xinyi Solar lost 3.45% to lead the losers at opening. A shares opened down 14 points. The market was little changed after opening. Hang Seng index lost 200+points. Local properties fell. Henderson Land lost 5.3%. New World lost 6.3% and Hang Lung lost 7.1% to lead the losers. The reason was that they would be kicked out of the Russel 2000 index. Mainland developers followed lower. Longfor lost 5.75%. China Overseas Land lost 2.97%. CR Land lost 3.2%. The market fell sharply in midmorning as interest rate jitters hit the market. Hang Seng index lost more than 400 points. Alibaba lost 3.2% for 42-point loss. Meituan lost 3.23% for 37-point loss. HSBC lost 1.24% for 26-point loss. AIA lost 2.1% for 23-point loss. Tencent lost 1.67% for 21-point loss. CCB lost 1.4% for 17-point loss. Pharmaceutical shares fell sharply. CSPC lost 7.23% for 12-point loss. Sino Biopharm lost 4.4%. Wuxi Biologics lost 2.8% for 11-point loss. BRII lost 6.1%. Cansino lost 5.9%. Cstone lost 8.2%. Hutchmed lost 5.3%. A shares closed the morning up 3 points. Hang Seng index reached a low of 20884, down 411 points, and closed the morning down 334 points. H share index closed down 125 points and technology index down 70 points. Turnover was $55.7 billion.

The market was little changed in early afternoon. Hang Seng index lost more than 300 points. Alibaba lost 3% for 40-point loss. Meituan lost 3% for 34-point loss. HSBC lost 1.05% for 22-point loss. CCB lost 1.72% for 21-point loss. HK Exchanges lost 1.8% for 15-point loss. Lining lost 4.6% for 13-point loss. Technology stocks fell. GDS lost 7.1%. Kingdee lost 4.56%. PA Good Doctor lost 3.5%. JD lost 2.6%. Zhongon lost 3.3%. However, Sensetime rose 4% against the market. Utilities rose against the market. Power Assets rose 2.34%. CK Infrastructure rose 0.9%. CLP rose 0.3%. Geely rose 1% and OOIL rose 2.34% against the market. Consumption stocks fell. Haidilao lost 4.15%. Shabu Shabu lost 2.5%. Lining lost 4%. Anta Sports lost 4.9%. Xtep lost 2.4%. The market recovered in midafternoon. Hang Seng index lost about 200 points. Alibaba lost 2.2% for 28-point loss. Ping An lost 2.5% for 15-point loss. Meituan lost 1.3% for 14-point loss. AIA lost 1.3% for 14-point loss. Hang Seng index closed down 213 points, H share index down 78 points, technology index down 35 points. Turnover was $103.6 billion.

Over last Friday night, overseas markets fell. European markets edged lower. DAX lost 25 points. CAC lost 15 points and FTSE lost 75 points. US markets fell sharply. Non-farm payroll in May increased by 390000, better than expected. Interest rates rose. Stock markets fell. Dow Jones lost 348 points. S & P lost 68 points. Nasdaq lost 304 points. Hong Kong ADR’s lost 8 points. Night future rose 313 points. We expect the market to fall today.  
 
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