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Alibaba crashed 10% to bring down the Hong Kong market.
The Hong Kong market opened lower on Friday. Hang Seng index opened down 248 points. H share index opened down 87 points and technology index down 66 points. Alibaba shelved its sp...
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Alibaba crashed 10% to bring down the Hong Kong market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened lower on Friday. Hang Seng index opened down 248 points. H share index opened down 87 points and technology index down 66 points. Alibaba shelved its spinoff of its cloud business. Share price crashed 7.8% for 103-point loss. Meituan lost 2.5% for 25-point loss. AIA lost 0.96% for 13-point loss. HK Exchanges lost 1.5% for 9-point loss. Ping An lost 1.9% for 8-point loss. New listing Wuxi ADC opened at 30% premium from its IPO price. The market fell further after opening as Hang Seng index lost more than 300 points. Alibaba lost 10.1% for 134-point loss. Tencent lost 2.52% for 37-point loss. Meituan lost 3% for 30-point loss. BYD lost 2.87% for13-point loss. Nio lost 4.67% but Li Auto rose 3%. Technology stocks fell. Ali Health lost 7.9%. Ali Pictures lost 1.9%. Baidu lost 5.8%. JD lost 3.15%. Bili Bili lost 6.4%. JD Health lost 3.6%. Netease rose 2.62% against the market. Hansoh Pharm rose 1%.. Shanghai composite index closed the morning down 5 points. Hang Seng index fell to a low of 17442, down 391 points and closed down 387 points. H share index closed down 143 points and technology index down 80 points. Turnover was $54 .1 billion.

The market fell further in the afternoon. Hang Seng index lost more than 400 points. Alibaba and technology stocks led the fall. Alibaba lost 9.9% for 131-point loss. Tencent lost 3.3% for 48-point loss. Meituan lost 3.9% for 39-point loss. HSBC lost 0.92% for 15-point loss. BYD lost 3% for 13-point loss. HK Exchanges lost 2.3% for 14-point loss. ICBC lost 2% for 10-point loss. Netease’s quarterly profit exceeded expectations. Share price rose 2.6% to lead the blue chips. Pharmaceutical shares rose. Hansoh Pharm rose 2.7% to lead the blue chips. Sino Biopharm rose 2.13%. CSPC rose 1.33%. Laekna rose 6.7%. Innovent rose 3.1%. Handset suppliers rose. AAC rose 6.4%. Q-Tech rose 2.9%. Cowell rose 2.9%. Retail stocks fell. Anta Sports lost 4.7%. Lining lost 4%. Haidilao lost 3.3%. Tingyi lost 3.13%. CR Beer lost 3.6%. Chinese financials fell. CM Bank lost 3.3%. ICBC lost 2.35%. Ping An lost 2.3%. China Life lost 1.3%. Metals fell. Ganfeng Lithium lost 4.1%. Tianqi Lithium lost 1.2%. Jiangxi Copper lost 2.87%. Chalco lost 2.2%. Angang lost 2.8%. Maanshan Iron lost 2.3%. Shanghai composite index closed down 7 points. Hang Seng index fell to a low of 17413 points, down 420 points and closed down points, H share index down points and technology index down points. Turnover was $ billion.

Last Friday night, overseas markets rose. DAX rose 132 points. CAC rose 65 points. FTSE rose 93 points. US markets edged up. Dow Jones rose 2 points. S&P rose 6 points and Nasdaq rose 12 points. Hong Kong ADR’s rose 110 points and night futures rose 161 w. We expect the market to rise today. 
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