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Hong Kong Stock Market May Open In The Red On Thursday

The Hong Kong stock market on Wednesday snapped the four-day losing streak in which it had plummeted more than 1,470 points or 7.1 percent. The Hang Seng now rests just beneath the 19,825-point plateau although it may head south again on Thursday.

The global forecast for the Asian markets is mixed to lower, with technology stocks expected to take heavy damage amidst concerns over interest rates. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The Hang Seng finished modestly higher on Wednesday following gains from the technology stocks, casinos and oil companies, while the properties were mixed.

For the day, the index jumped 190.87 points or 0.97 percent to finish at 19,824.57 after trading between 19,474.03 and 20,083.49.

Among the actives, AAC Technologies gained 0.36 percent, while Alibaba Group dropped 0.41 percent, Alibaba Health Info jumped 3.77 percent, ANTA Sports surged 6.40 percent, China Mengniu Dairy shed 0.38 percent, China Petroleum and Chemical (Sinopec) improved 1.04 percent, China Resources Land plummeted 3.24 percent, CITIC lost 0.25 percent, Country Garden accelerated 4.31 percent, CSPC Pharmaceutical rallied 2.78 percent, Galaxy Entertainment advanced 1.33 percent, Hang Lung Properties retreated 0.70 percent, Henderson Land added 0.48 percent, Hong Kong & China Gas fell 0.12 percent, Industrial and Commercial Bank of China sank 0.44 percent, JD.com rose 0.10 percent, Lenovo strengthened 1.98 percent, Li Ning spiked 4.45 percent, Meituan soared 6.32 percent, New World Development declined 0.88 percent, Techtronic Industries tumbled 1.00 percent, Xiaomi Corporation climbed 1.66 percent, WuXi Biologics skyrocketed 6.48 percent and China Life Insurance and CNOOC were unchanged.

The lead from Wall Street is broadly negative as the major averages shook off early strength on Wednesday and accelerated into the red as the day progressed, finishing well under water.

The Dow tumbled 326.63 points or 1.02 percent to finish at 31,834.11, while the NASDAQ plummeted 373.44 points or 3.18 percent to end at 11,364.24 and the S&P 500 sank 65.87 points or 1.65 percent to close at 3,935.18.

The weakness that emerged on Wall Street came as traders digested a highly anticipated Labor Department report showing the annual rate of inflation slowed less than expected in April.

The data added to concerns the Federal Reserve will raise interest rates more aggressively in an effort to bring inflation down at a faster rate, which analysts fear could lead to a period of stagflation or an outright recession.

Crude oil prices climbed higher on Wednesday, rebounding sharply from recent losses thanks to data showing a significant drop in flows of Russian gas to Europe. West Texas Intermediate Crude oil futures for June ended higher by $5.95 or 6 percent at $105.71 a barrel.

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