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Hong Kong Stock Market May Add To Its Winnings On Thursday

The Hong Kong stock market on Wednesday snapped the nine-day losing streak in which it had plummeted more than 1,100 points or 4.4 percent. The Hang Seng Index now rests just above the 24,685-point plateau and it's tipped to extend its gains on Thursday.

The global forecast for the Asian markets is flat to higher on easing treasury yield concerns and a rebound among technology stocks. The European markets were mixed and the U.S. bourses were mostly higher and the Asian markets figure to follow that lead.

The Hang Seng finished slightly higher on Wednesday as gains from the financials, oil companies and casinos were offset by losses from the property and technology stocks.

For the day, the index gained 33.92 points or 0.14 percent to finish at 24,685.50 after trading between 24,557.63 and 24,851.53.

Among the actives, AAC Technologies tumbled 2.05 percent, while AIA Group rallied 2.64 percent, Alibaba Group dropped 0.90 percent, Alibaba Health Info plummeted 7.05 percent, ANTA Sports advanced 1.15 percent, China Life Insurance was down 0.15 percent, China Mengniu Dairy lost 0.44 percent, China Petroleum and Chemical (Sinopec) climbed 1.64 percent, CITIC retreated 0.95 percent, CNOOC added 0.51 percent, Country Garden tanked 4.92 percent, CSPC Pharmaceutical gathered 1.62 percent, Galaxy Entertainment jumped 1.88 percent, Hang Lung Properties shed 0.48 percent, Hong Kong & China Gas perked 1.36 percent, Industrial and Commercial Bank of China collected 0.24 percent, Li Ning gained 0.40 percent, Longfor eased 0.12 percent, Meituan surged 3.01 percent, New World Development fell 0.29 percent, Sands China soared 2.72 percent, Sun Hung Kai Properties rose 0.25 percent, Techtronic Industries sank 0.78 percent, Xiaomi Corporation plunged 6.96 percent, WuXi Biologics spiked 2.67 percent and China Resources Land and Henderson Land were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened sharply lower on Wednesday but clawed back as the day progressed, with the NASDAQ and S&P 500 managing to finish higher while the Dow ended barely in the red.

The Dow shed 9.42 points or 0.03 percent to finish at 35,804.38, while the NASDAQ jumped 70.09 points or 0.44 percent to close at 15,845.23 and the S&P 500 rose 10.76 points or 0.23 percent to end at 4,701.46.

The early weakness on Wall Street came amid a continued increase in U.S. treasury yields, with the yield on the benchmark ten-year note reaching its highest intraday level in six months. Yields showed a notable downturn over the course of the trading day, however, contributing to the rebound on Wall Street.

A Labor Department report showing first-time claims for U.S. unemployment benefits slid to their lowest level in over fifty years last week helped push yields higher.

Also, the Commerce Department noted an unexpected drop in durable goods orders but an increase in new home sales in October, while personal income and spending both increased by more than expected during the month.

Crude oil futures settled slightly lower on Wednesday after data showed a modest increase in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures ended down by $0.11 or 0.14 percent at $78.39 a barrel.

Closer to home, Hong Kong will release October figures for imports, exports and trade balance later today. In September, imports were up 23.5 percent on year and exports gained an annual 16.5 percent for a trade deficit of HKD42.4 billion.

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