Plus   Neg

Win Streak Expected To End For Hong Kong Stock Market

The Hong Kong stock market has moved higher in three straight sessions, gathering more than 800 points or 3.2 percent along the way. The Hang Seng Index now rests just above the 27,260-point plateau although investors figure to lock in gains on Wednesday.

The global forecast for the Asian markets is negative on concerns over the health of the global economy and expected continued profit taking. The European and U.S. markets were down and the Asian markets figure to follow that lead.

The Hang Seng finished modestly higher on Tuesday as gains from the financials were tempered by mixed performances from the property stocks and oil companies.

For the day, the index gained 78.40 points or 0.29 percent to finish at the daily high of 27,260.44 after moving as low as 26,984.71.

Among the actives, CSPC Pharmaceutical surged 2.10 percent, while AAC Technologies plummeted 2.07 percent, Wharf Real Estate soared 2.05 percent, China Petroleum and Chemical (Sinopec) plunged 1.16 percent, China Resources Land and Sino Land both tumbled 1.15 percent, AIA Group spiked 1.13 percent, Tencent Holdings jumped 1.11 percent, CNOOC climbed 1.02 percent, Industrial and Commercial Bank collected 0.88 percent, BOC Hong Kong advanced 0.80 percent, Sands China skidded 0.66 percent, WH Group dropped 0.63 percent, China Life Insurance shed 0.57 percent, New World Development added 0.56 percent, China Mobile gained 0.53 percent, Hong Kong & China Gas was up 0.50 percent and China Mengniu Dairy fell 0.20 percent.

The lead from Wall Street is brutal as stocks saw a substantial move to the downside on Tuesday, more than offsetting Monday's strong gains.

The Dow shed 799.36 points or 3.10 percent to 25,027.07, while the NASDAQ plunged 283.09 points or 3.80 percent to 7,158.43 and the S&P fell 90.31 points or 3.24 percent to 2,700.006.

The sharp pullback came as the yield on two-year notes rose above the yield on five-year notes, which is seen as an indicator of an upcoming economic slowdown. Profit taking also was a factor following Monday's strong gains.

Uncertainty about whether the 90-day trade truce will give the U.S. and China enough time to reach a long-term trade agreement also inspired traders to cash in.

Crude oil prices moved higher on Tuesday amid speculation the OPEC members will agree on a production cut. Crude oil futures for January delivery ended up $0.30 or 0.6 percent at $53.25 a barrel.

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