Technology stocks dragged down the market.
The Hong Kong market opened slightly higher and mixed on Thursday. Hang Seng index rose 23 points. H share index lost 55 points and technology index lost 50 points. The NYSE confirmed the delisting of three Chinese telecoms next Monday. In addition, the US Government planned to delist Tencent and Alibaba on national security ground. Telecom and technology shares crashed. Tencent lost 2.7% for 72-point loss. Alibaba lost 3.9% for 57-point loss. China Mobile lost 6.7% for 47-point loss. On the contrary, finance stocks soared. HSBC rose 4.8% for 102-oint gain. AIA rose1.63% for 45-point gain. CCB rose1.2% for 18-point gain. HK Exchanges rose 1% for 12-point gain. Hang Seng Bank rose 5% to become the top gainer for 11-point gain. Carmakers rose. Geely rose 7.5%. BYD rose 2.4%. Great Wall rose 3.3%. A shares opened flat. Shanghai composite index rose 1 point. New energy stocks rose. GCL rose 4%. Flat Glass rose 3.2%. Xinyi Energy rose 4.9%. Resources stocks rose. Jiangxi Copper rose 4.5%. Chalco rose 7%. Luoyang Moly rose 9.8$. China Coal rose 5.1%. Angang Steel rose 7%. Smoore’s lockup period ends 10 January. Investors sold off the share to fall 8%. A shares closed the morning up 0.37%. Shanghai composite index closed up 13 points. Hang Seng index fell to a low of 27542, down 150 points and closed down 126 points. H share index closed down 141 points and technology index down 254 points. Turnover was $126.5 billion.
The market was little changed in early afternoon, with Hang Seng index falling more than 100 points. Technology stocks led the fall. Tencent lost 4.2% for 111-point loss. Xiaomi lost 6.2% for 82-point loss. Alibaba lost 4.6% for 67-point loss. China Mobile lost 7.3% for 51-point loss. On the contrary, financial stocks rose. AIA rose 3% for 84-point gain. HSBC rose 3.6% for 78-point gain. CCB rose 2.25% for 34-point gain. Geely rose 6.4% to lead the blue chips for 24-point gain. Hang Seng Bank rose 5.5% for 14-point gain. ICBC rose 1.66% for 14-point gain. The Democrats gained control of the Senate. It would enable Biden to push a pro-environment policy. New energy stocks rose sharply. GCL rose 14%. Flat Glass rose 8.4%. Xinyi Energy rose 9.1%. Geely led carmakers’ rebound. BYD rose 5%. Great Wall Motor rose 6.4%. Dongfeng rose 5%. Money sought out Cansino, which soared 10%. Property management shares fell. Poly Property lost 6.8%. Xinyuan lost 4.6%. CO Property lost 5%. A shares closed up 0.71%. Shanghai composite index closed up 25 points. Hang Seng index fell to the low of 27457 points, down 235 points before recovering. Hang Seng index closed down 143 points; H share index down 103 points; technology index closed down 203 points. Turnover was 228 billion.
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