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Hong Kong Bourse Looking At A Red Light On Wednesday

The Hong Kong stock market has tracked higher in consecutive trading days, soaring almost 600 points or 2.5 percent along the way. The Hang Seng Index now sits just beneath the 24,390-point plateau although it may be spinning its wheels on Wednesday.

The global forecast for the Asian markets suggests profit taking after multiple sessions of gain, as well as ongoing concerns over the lingering effects of Covid-19. The European and U.S. markets were down and the Asian bourses are tipped to follow in similar fashion.

The Hang Seng finished sharply higher on Tuesday following gains from the financials, properties, casinos and oil and insurance companies.

For the day, the index surged 453.36 points or 1.89 percent to finish at 24,388.13 after trading between 24,314.45 and 24,552.55.

Among the actives, Techtronic Industries surged 4.13 percent, while CITIC soared 3.57 percent, China Life Insurance spiked 3.37 percent, AIA Group accelerated 3.07 percent, China Petroleum and Chemical jumped 2.73 percent, CNOOC climbed 2.64 percent, AAC Technologies gathered 2.62 percent, New World Development perked 2.49 percent, Sands China advanced 2.48 percent, BOC Hong Kong added 1.87 percent, Ping An Insurance gained 1.75 percent, WH Group dropped1.73 percent, Tencent Holdings rose 1.65 percent, Hong Kong & China Gas increased 1.61 percent, China Resources Land jumped 1.32 percent, Galaxy Entertainment climbed 0.95 percent, Industrial and Commercial Bank of China collected 0.79 percent, China Mengniu Dairy advanced 0.70 percent, China Mobile lost 0.70 percent, Power Assets added 0.52 percent and CSPC Pharmaceutical was up 0.51 percent.

The lead from Wall Street is negative as stocks turned in a lackluster performance of Tuesday before coming under pressure going into the close - offsetting gains from the previous session.

The Dow shed 390.51 points or 1.59 percent to finish at 24,206.86, while the NASDAQ lost 49.72 points or 0.54 percent to 9.185.10 and the S&P 500 fell 30.97 points or 1.05 percent to 2,922.94.

The late-day weakness on Wall Street came as traders cashed in on the rally seen on Monday, which lifted the Nasdaq and the S&P 500 to their best closing levels in over two months.

Traders have recently expressed considerable optimism about the economy reopening, although lingering concerns about the coronavirus pandemic led to some caution.

Traders were also reacting to comments from Federal Reserve Chair Jerome Powell, who reaffirmed the central bank will provide more support to the economy.

Crude oil prices were higher Tuesday, supported by increased demand and output cuts on the expiration of the front-month contract. West Texas Intermediate Crude oil futures expired at $32.50 a barrel, gaining $0.68 or 2.1 percent. July series WTI contract advanced $0.31 or 1 percent to settle at $31.96 a barrel.

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