Hong Kong Stock Market Ripe For Consolidation On Monday

The Hong Kong stock market has finished higher in two straight sessions, advancing more than 870 points or 3.7 percent along the way. The Hang Seng Index now sits just above the 24,835-point plateau although it's predicted to open in th red on Monday.

The global forecast for the Asian markets is soft following disappointing jobs data out of the United States, although support from crude oil is expected to limit the downside. The European and U.S. markets saw mild losses and the Asian markets figure to follow suit.

The Hang Seng finished modestly higher on Friday as gains from the financials, casinos and insurance companies were offset by weakness from the properties and technology stocks..

For the day, the index climbed 136.15 points or 0.55 percent to finish at 24,837.85 after trading between 24,595.58 and 25,064.80.

Among the actives, AAC Technologies plummeted 12.59 percent, while AIA Group slipped 0.33 percent, Alibaba Group surged 5.57 percent, Alibaba Health Info soared 4.41 percent, ANTA Sports surrendered 2.38 percent, China Life Insurance spiked 4.17 percent, China Mengniu Dairy lost 0.84 percent, China Petroleum and Chemical (Sinopec) declined 2.21 percent, China Resources Land fell 0.63 percent, CITIC and CSPC Pharmaceutical both shed 0.86 percent, CNOOC added 0.56 percent, Country Garden accelerated 3.57 percent, Galaxy Entertainment rose 0.38 percent, Hang Lung Properties skidded 1.22 percent, Henderson Land sank 1.07 percent, Hong Kong & China Gas dipped 0.34 percent, Industrial and Commercial Bank of China collected 0.46 percent, Li Ning tanked 5.82 percent, Longfor tumbled 2.52 percent, Meituan rallied 2.07 percent, New World Development retreated 1.30 percent, Sands China eased 0.25 percent, Sun Hung Kai Properties was down 0.29 percent, Techtronic Industries slid 0.59 percent, Xiaomi Corporation dropped 0.94 percent and WuXi Biologics plunged 5.88 percent.

The lead from Wall Street suggests mild consolidation as the major averages spent most of Friday's session bouncing back and forth across the unchanged line before finally heading lower towards the end of the day.

The Dow eased 8.65 points or 0.02 percent to finish at 34.746.25, while the NASDAQ sank 74.46 points or 0.51 percent to close at 14.579.54 and the S&P 500 fell 8.42 points or 0.19 percent to end at 4,391.34. For the week, the Dow rose 1.2 percent, the NASDAQ added 0.1 percent and the S&P perked 0.8 percent.

The choppy trading on Wall Street came after the Labor Department's closely watched monthly jobs report showed weaker than expected job growth in September, although the jobless rate fell more than anticipated.

The data led to some uncertainty about the outlook for monetary policy, although most economists agree the disappointing job growth will not dissuade the Federal Reserve from scaling back stimulus.

Crude oil futures jumped Friday after surging past $80 a barrel for the first time in seven years amid tighter supplies and signs of increasing demand. West Texas Intermediate Crude oil futures for November jumped $1.05 or 1.3 percent at $79.35 a barrel after climbing to a high of $80.11 a barrel. WTI crude futures gained 4.6 percent in the week, gaining for a seventh straight week.

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