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The market fell sharply on disappointing November retail sales.
The market opened slightly lower on Monday. Hang Seng index opened down 24 points, H share index down 6 points but technology index up 0.7 points. CNOOC rose 1.13% 5-point gain. On...
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The market fell sharply on disappointing November retail sales.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly lower on Monday. Hang Seng index opened down 24 points, H share index down 6 points but technology index up 0.7 points. CNOOC rose 1.13% 5-point gain. On the other hand, AIA lost 1.06% for 10-point loss. Meituan lost 0.61% for 9-point loss. BYD lost 1.1% for 5-point loss. Shanghai composite index opened down 2 points. The market turned from loss to gain after opening. Financials led the rally. CCB rose 0.8% for 8-point gain. HSBC rose 0.4% for 6-point gain. On the other hand, Xiaomi lost 1.43% for 12-point loss. AIA lost 1.06% for 10-point loss. Meituan lost 0.67% for 10-point loss. However, the market soon turned negative again. Tencent lost 063% for 10-point loss. On the contrary, China Mobile rose 1.3% for 9-point gain. CNOOC rose 2% for 9-point gain. ICBC rose 1.67% for 10-point gain. CCB rose 0.8% for 8-point gain. China’s November economic data disappointed the market. November retail sales increased only 3%, less than expected. The market fell further. Hang Seng index lost more than 100 points. Alibaba lost 2.3% for 46-point loss. Meituan rose 1.9% for 28-point loss. Xiaomi lost 2.87% for 25-point loss. AIA lost 1.87% for 18-point loss. Tencent lost 0.73% for 12-point loss. Shanghai composite index closed the morning up 3 points. Hang Seng index closed the morning down 114 points, H share index 27 down points and technology index down 45 points. Turnover was $ 64.3billion.

The market was little changed in the afternoon. Hang Seng index lost more than 100 points. Special Chinese shares rose. ICBC rose 2.1% for 12-point gain. China Mobile rose 1.7% for 123-point gain. CCB rose 0.96% for 10-point gain. China Unicom rose 2.96% to lead the blue chips. On the other hand, Alibaba lost 2.3% for 37-point loss. Meituan lost 2.4% for 35-point loss. AIA lost 2.3% for 23-point loss. Xiaomi lost 2.87% for 25-point loss. Tencent lost 1% for 16-point loss. Longfor lost 3.4% to become the top loser. China Overseas Land lost 2.9%. CR Land lost 2.1%. Retail stocks fell. Chow Tai Fook lost 3.5%. Mengniu lost 3%. Jiumaojiu lost 3.1%. Macau gaming stocks fell. Galaxy lost 3.6%. Wynn lost 2.6%. Sands lost 1.4%. Handset suppliers fell. Sunny Optical lost 2.9%. AAC lost 4.4%. Q-Tech lost 4.2%. BYD Electronic lost 2.5%. Bitcoin reached record high. CAM EFT and FA ETF both rose 5%. The market fell further in late trading. Hang Seng index lost more than 200 points and fell to a low of 19726 points, down 245 points. Shanghai composite index closed down 5 points. Hang Seng index closed down 175 points, H share index down 54 points and technology index down 64 points. Turnover was $134.1 billion.

Overnight, European markets fell. DAX lost 92 points. CAC lost 52 points and FTSE lost 38 points. US markets were mixed. Dow Jones lost 110 points. Technology stocks surged to lead S & P to 23-point gain. Nasdaq rose 247 points and set record high. Hong Kong ADR’s lost 83 points. Night future lost 66 points. We expect the market to fall today.
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