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US interest rates rose. US markets fell sharply.
The market opened higher on Friday. Hang Seng index opened up 67 points, H share index up 21 points and technology index up 4 points. Meituan rose 1% for 16-point gain. Netease rep...
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US interest rates rose. US markets fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hang Seng index opened up 67 points, H share index up 21 points and technology index up 4 points. Meituan rose 1% for 16-point gain. Netease reported 13% fall in third quarter profit, better than expected. Share price soared 9.6% to become the top gainer for 13-point gain. HSBC rose 0.8% for 11-point gain. On the contrary, JD lost 3.1% for 11-point loss. Shanghai composite index opened up 3 points. The market turned from gain to loss after opening. Meituan and JD led the market’s fall. Meituan lost 1.42% for 23-point loss. JD lost 4.4% for 15-point loss. AIA lost 1.73% for 18-point loss. Alibaba lost 0.9% for 14-point loss. Geely lost 7.2% to lead the losers for 10-point loss. Geely re-organized its EV divisions. It placed control of Lynk in the hands of Krypton. Then the market turned from loss to gain again. The main reason was that Meituan turned from loss to gain. Meituan rose 2.2% for 37-point gain. Netease rose 13% for 18-point gain. Xiaomi rose 1.6% for 11-point gain. Hang Seng index gained more than 100 points. PA Good Doctor declared special dividend. Share price rose 5.2%. Handset suppliers rose. Sunny Optical rose 5.9%. AAC rose 2.7%. Q-Tech rose 4.8%. Cowell rose 1.2%. Foxconn rose 2.4%. Gold miners rose. Zijin rose 3.2%. Zhaojin rose 2%. SD Gold rose 1.5%. Non-ferrous metals rose. China Hongqiao rose 3.1%. Chalco rose 2.3%. MMG rose 4.3%. Shanghai composite index closed the morning down 11 points. Hang Seng index closed the morning up 51 points, H share index up 27 points and technology index up 38 points. Turnover was $85.2 billion.

The market rose slightly in early afternoon. Hang Seng index gained more than 100 points. Netease rose 12.7% for 17-point gain. CCB rose 1.37%for 14-point gain. China Mobile rose 1.86% for 12-point gain. HSBC rose 0.8% for 11-point gain. The Chinese Government announced economic data for October. Retail sales rose 4.8%, better than expected. Industrial profit rose 5.3%, worse than expected. Fixed asset investment rose 3.2%, also worse than expected. Retail stocks rose on the news. Tingyi rose 2.4%. Nongfu Spring rose 2.3%. Mengniu Dairy rose 2.05%. CR Beer rose 2.02%. Haier Smarthome rose 2%. Telecoms followed China Mobile to trade higher. China Unicom rose 3.4%. China Telecom rose 2.7%. The market’s almost disappeared completely in midafternoon. AIA lost 1.64% for 18-point loss. Alibaba lost 0.7% for 10-point loss. Shanghai composite index closed down 49 points. Hang Seng index closed down 9 points, H share index up 6 points and technology index up 9 points. Turnover was $156.6 billion.

Last Friday night, overseas markets fell as US interest rates rose. DAX lost 53 points. CAC lost 42 points and FTSE lost 7 points. US markets fell sharply as interest rates rose to rattle the market. Dow Jones lost 306 points. S & P lost 78 points and Nasdaq lost 427 points. Hong Kong ADR’s rose 32 points. Night future rose 39 points. The market has fallen for six straight sessions. We expect the market to rise today.
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