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The market retreated on profit taking.
The market opened higher on Friday. Hang Seng index opened up 109 points, H share index up 50 points and technology index up 48 points. Meituan rose 1.68% for 25-point gain. Wuxi B...
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The market retreated on profit taking.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hang Seng index opened up 109 points, H share index up 50 points and technology index up 48 points. Meituan rose 1.68% for 25-point gain. Wuxi Biologicis rose 1.68% for 8-opint gain. Alibaba rose 0.4% for 6-point gain. A shares opened down 1 point. The market retreated after opening, as profit taking caused the market to retreat. Hang Seng index rose under 100 points. Alibaba lost 1.4% for 19-point loss. Tencent lost 1.3% for 10-point loss. HSBC lost 0.5% for 9-point loss. Shenzhou International rose 5.8% to lead the gainers. The market turned from gain to loss in midmorning. Technology stocks led the fall. Alibaba lost 2.5% for 35-point loss. Tencent lost 1.8% for 25-point loss. CNOOC lost 2.7% for 5-point loss. However, handset suppliers rose. Sunny Optical rose 2.6%. Cowell rose 1.7%. AAC rose 1.5%. Goldminers rose on higher gold prices. SD Gold rose 2.1%. Zhaojin rose 4.2%. Zijin rose 2.05%. Pharmaceutical stocks rose. Beigene rose 11%. Hutchmed rose 9.7%. Keymed rose 9.4%. JW Therapy rose 9.2%. Akeso rose 7.8%. Auto shares fell. Geely lost 2.2%. BYD lost 1.5%. A share closed the morning up 9 points. The market turned from loss to gain near midday as Alibaba and Tencent recovered from morning lows. SMIC rose 4.8% for 9-point gain. Hang Seng index closed the morning up 18 points, H share index up 11 points and technology index up 31 points. Turnover was $46.7 billion.

The market was little changed in early afternoon. Hang Seng index rose slightly. Blue chips were range bound. Technology stocks led the fall. Alibaba lost 2.5% for 35-point loss. Tencent lost 1.86% for 26-point loss. On the other hand, SMIC rose 6% to lead the blue chips for 8-point gain. Huahong Semiconductor rose 9%. CCB rose 0.6% for 6-point gai. Sunny Optical rose 3.9% for 6-point gain. Property managers rose. CG Services rose 3%. A Living rose 2.6%. CO Services rose 1%. Pharmaceutical stocks rose. CSPC rose 3%. Sino Biopharm rose 2.5%. Innovent rose 5.3%. Cansino rose 5.6%. Beigene rose 9.5%. JW Therapy rose 9.4%. OOIL rose 4.8% to lead the blue chips. Wharf rose 4.16% and Xinyi Glass rose 4.1%. However, the market turned from gain to loss in midafternoon, as leading technology stocks fell further. Alibaba and Tencent fell further. BYD lost 1.76% for 9-point loss. CNOOC lost 2.1% for 7-point loss. Techtronic rose 2.8% for 7-point gain. A shares closed up 28 points. Hang Seng index closed up 27 points, H share index up 22 points and technology index up 34 points. Turnover was $85.5 billion. For the week, Hang Seng index rose 46 points. H share index closed up 17 points and technology index up 84 points.

Last Friday night, overseas markets were mixed. European markets fell slightly. DAX lost 89 points. CAC lost 41 points and FTSE lost 8 points. US markets were mixed. The US added 528000 non-farm jobs in July. The unemployment rate fell to 3.5%. The improved job data increased pressure on interest rate. Dow Jones rose 76 points. S & P lost 6 points and Nasdaq lost 63 points. Hong Kong ADR’s lost 130 points and night future lost 106 points. We expect the market to fall today.  
 
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