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The RMB exchange rate fell again. Hong Kong market continued to fall.
The market opened slightly lower on Monday. Hang Seng index opened down 44 points, H share index down 10 points and technology index down 15 points. Alibaba lost 1.13% for 17-point...
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The RMB exchange rate fell again. Hong Kong market continued to fall.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly lower on Monday. Hang Seng index opened down 44 points, H share index down 10 points and technology index down 15 points. Alibaba lost 1.13% for 17-point loss. AIA lost 1.15% for 17-point loss. JD lost 2.85% to lead the losers for 11-point loss. On the contrary, HSBC rose 0.42% for 8-point gain. Mainland developers rose. CR Mixc rose 1.7% to lead the gainers. Longfor rose 1.4%. CR Land rose 0.9%. Shanghai composite index opened down 21 points. The market turned from loss to gain after opening. Xiaomi rose 5.7% for 15-point gain. Wuxi Biologics rose 3.84% for 10-point gain. Meituan rose 1.3% for 14-point gain. Alibaba announced the spin-off of its retail business. Share price rose 0.8% for 10-point gain. Hang Seng index reached a high of 19001, up 110 points. Then the market turned from gain to loss again. AIA lost 1.34% for 20-point loss. Tencent lost 1.72% for 27-point loss. Power generators rose sharply. CR Power rose 7.23% to lead the blue chips. Huaneng rose 5%. China Power rose 5.6%. Datang Power rose 6.5%. Auto shares rose. Geely rose 1.63%. Li Auto rose 1.5%. XPeng rose 3.9%. SMIC lost 2.6% to lead the losers. Shanghai composite index closed the morning down 24 points. The market closed the morning mixed. Hang Seng index closed the morning down 27 points, but H share index up 8 points and technology index but 8 points. Turnover was $452 billion.

The market was little changed in early afternoon. The market was range bound and mixed. Xiaomi rose 4.5% for 13-point gain to lead the gainers. Techtronic rose 3.76% for 9-point gain. On the other hand, AIA lost 1.6% for 24-point loss. HK Exchanges lost 1.8% for 11-point loss. Financials led the market lower. Consumption stocks fell. Lining lost 3% to lead the losers. Anta Sports lost 2%. Trip.com lost 2.2%. Macau gaming stocks fell. Galaxy lost 2.4%. Sands lost 2.14%. Wynn lost 4.4%. Melco lost 4.4%. CR Power rose 6.74% to lead the gainers. OOIL rose 4.76%. Pharmaceutical shares rose. Hansoh Pharm rose 3.76%. Sino Biopharm rose 2.1%. CSPC rose 1.9%. Cansino rose 10% as one of its vaccines received permission for clinical trial. Akeso rose 4%. BRII rose 10%. China enters into peak summer with temperatures of over 40 degrees. Power generators rose as electricity consumption enters into peak season. CR Power rose 5.9%. Datang rose 5.76%. Huaneng rose 4.2%. Huadian rose 5.8%. China Power rose 4.75%. Mainland developers fell. Longfor lost 3.7%. Country Garden lost 3.14%. KWG lost 4.3%. Shanghai composite index closed down 47 points. Hang Seng index closed down 96 points, H share index down 20 points and technology index down 7 points. Turnover was $83.8 billion.

Overnight European markets were mixed. DAX lost 17 points. FTSE lost 8 points but CAC rose 21 points. Profit taking hurt US technology stocks. US markets fell. Dow Jones lost 13 points. Nasdaq lost 156 points. Hong Kong ADR’s rose 23 points and night future rose 62 points. We expect the market to rebound today.
 
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