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Crude oil rose to 13-year high. Overseas markets fell sharply.
The Hong Kong market opened slightly higher on Tuesday. Hang Seng index rose 27 points, H share index up 21 points and technology index up 18 points. Alibaba lost 1.92% for 28-poin...
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Crude oil rose to 13-year high. Overseas markets fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly higher on Tuesday. Hang Seng index rose 27 points, H share index up 21 points and technology index up 18 points. Alibaba lost 1.92% for 28-point loss. On the other hand, Meituan and Mainland banks rose. Meituan rose 1.04% for 14-point gain. BYD rose 2.1% for 8-point gain. CM Bank rose 1.4% for 7-point gain. A shares opened up 14 points. The market rose further right after opening and Hang Seng index gained more than 100 points. Meituan rose 3.1% for 42-point gain. Wuxi Biologics rose 3.2% for 14-point gain. The industry department continued subsidy for electric cars. Electric car shares rose. BYD rose 2.8% for 10-point gain. XPeng rose 6%. Li Auto rose 12%. The Xinyi Group of companies reported strong 2021 results. Xinyi Solar rose 2.6%. Xinyi Glass rose 4.1%. Xinyi Energy rose 5.75%. Solar energy stocks followed higher. GCL rose 4.2%. Xinte Energy rose 2%. CLP reported decline in 2021 earnings. Share price fell 2.3%. Beer shares rose. Budweiser rose 1.65%. CR Beer rose 3.9%. Tsingtao Beer rose 6.1%. Pork producers rose. Cofco Joycome rose 6.8%. Yurun Food rose 4.5%. WH Group rose 0.2%. Sunac was in discussion with Cinda to sell assets in Beijing and Shanghai. Share price rose 5.6%. Hang Seng index reached a high of 22817, up 104 points. Then the market retreated. HSBC and Alibaba led the fall. On the other hand, Tencent, Wuxi Biologics, Meituan and BYD rose. Tencent rose 1.6% for 28-point gain. Wuxi Biologics rose 4.4% f or 19-point gain. Meituan rose 1% for 14-point gain. A shares closed the morning up 7 points. Hang Seng index closed the morning down 18 points, H share index down 1 point but technology index up 10 points. Turnover was $60 billion.

The market was little changed in early afternoon. Hang Seng index lost about 50 points. Tencent rose 1.66% for 28-point gain. Wuxi Biologics rose 4.9% for 21-point gain. On the contrary, HSBC lost 1.3% for 25-point loss. Alibaba lost 1.8% for 25-point loss. HK Exchanges lost 1.22% for 10-point loss. CSPC lost 3.1% to lead the losers. Xinyi Solar turned from gain to loss of 3.1%. However, Xinyi Glass rose 4.8% to lead the gainers. Comba Telecom issued profit warning. Share price crashed 16%. The market suddenly rose sharpy in midafternoon. Technology stocks led the advance. Tencent rose 3.6% for 63-point gain. Wuxi Biologics rose 5.5% for 23-point gain. Meituan rose 1.56% for 21-point gain. AIA rose 0.8% for 15-point gain. CCB rose 1.2% for 14-point gain. Handset suppliers were mixed. AAC rose 4% but Sunny Optical lost 2.6%. Rusal closed its factory in Ukraine. Share price fell 14%. A shares closed up 26 points. Hang Seng index closed up 48 points, H share index up 29 points and technology index up 37 points. Turnover was $115 billion.

Overnight, the Ukraine war intensified. Western countries increased sanctions on Russia. Crude oil rose to 13-year high. Overseas markets fell sharply. DAX lost 556 points. CAC lost 262 points and FTSE lost 128 points. US markets fell sharply. Dow Jones lost 597 points. S & P lost 67 points and Nasdaq lost 219 points. Hong Kong ADR’s lost 131 points. Night future lost 161 points. We expect the market to fall today.
 
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