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The Hong Kong market stabilized. HSI lost only 15 points.
The Hong Kong market opened slightly higher on Tuesday. Hang Seng index opened up 61 points, H share index up 36 points and technology index up 33 points. Financials led the rally....
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The Hong Kong market stabilized. HSI lost only 15 points.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly higher on Tuesday. Hang Seng index opened up 61 points, H share index up 36 points and technology index up 33 points. Financials led the rally. CCB rose 1.6% for 14-point gain. HSBC rose 0.8% for 11-point gain. ICBC rose 1.93% for 10-point gain. Nongfu Spring rose 6.3% to lead the gainers. On the other hand, Tencent lost 2% for 21-point loss. SMIC lost 2.3% to lead the losers. The market fell sharply right after opening. Hang Seng index fell to a low of 14947, down 233 points. Meituan lost 4% for 36-point loss. Tencent lost 2% for 20-point loss. AIA lost 1.1% for 11-point loss. BYD lost 2.1% for 6-point loss. The market recovered from opening lows and rebounded. Hang Seng index fluctuated between gain and loss. HSBC rose 1.8% for 24-point gain. Alibaba rose 1.8% for 20-point gain. CCB rose 1% for 10-point gain. Then A shares turned from loss to gain. Hong Kong stocks rebounded. Hang Seng index reached a high of 15435, up 255 points. Tencent rose 3% for 33-point gain. Alibaba rose 5.7% for 57-point gain. Meituan rose 5.2% for 51-point gain. However, the market retreated and closed the morning up 132 points. H share index closed up 90 points and technology index up 110 points. Turnover was $85 billion.

In the afternoon, Hong Kong market turned from gain to loss. HSBC reported 41% fall in third quarter pretax income, which as better than expected. However, share price lost 3.8% for 52-point loss. Investors sold on good news. AIA lost 1.6% for 18-point loss. On the other hand, Alibaba rose 3.2% for 32-point gain. Xiaomi rose 3.4% for 8-point gain. Meituan rose 1.4% for 13-point gain. Hang Seng index fell to a low of 15101, down 79 points. Hong Kong stocks had support at low level. HSBC and AIA’s loss narrowed to 2.1% and 1.35%, for 25-point and 15-point loss. On the other hand, Alibaba and Meituan led the market higher. Alibaba rose 3.3% for 32-point gain. Meituan rose 1.2% for 11-point gain. Technology stocks rose sharply. Ali Health rose 7.2%. Kuaishou rose 5.7%. JD Health rose 5.7%. XPeng rose 5.66%. Lenovo rose 5.4%. Hang Seng index reached a high of 15282, up 102 points. However, HSBC fell in late session. Hang Seng index closed down 15 points. H share index closed up 66 points and technology index up 82 points. Turnover was $143.4 billion.

Overseas markets rose overnight. DAX rose 121 points. CAC rose 119 points and FTSE was unchanged. US markets rose for the third straight day. Dow Jones rose 337 points. S & P rose 61 points and Nasdaq rose 246 points. Hong Kong ADR’s lost 28 points. Night future rose 13 points. We expect the market to rise today.
 
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