Renewed Support Anticipated For Hong Kong Stock Market

(RTTNews) – The Hong Kong stock market on Monday halted the two-day winning streak in which it had advanced more than 550 points or 2.7 percent. The Hang Seng now rests just above the 20,040-point plateau although it is expected to bounce higher again on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, shaking off concerns over the health of the Chinese economy. The European and US markets managed some mild upside and the Asian bourses figure to open in similar fashion.

The Hang Seng finished modestly lower on Monday following losses from the financials, properties and oil companies, while the technology stocks were mixed.

For the day, the index shed 134.76 points or 0.67 percent to finish at 20,040.86 after trading between 19,984.04 and 20,260.66. Among the actives, Alibaba Group skidded 1.24 percent, while Alibaba Health Info added 0.64 percent, ANTA Sports eased 0.11 percent, China Life Insurance tanked 2.38 percent, China Mengniu Dairy climbed 1.61 percent, China Petroleum and Chemical (Sinopec) plunged 2.95 percent, China Resources Land slumped 1.33 percent, CITIC slid 0.47 percent, CNOOC declined 1.50 percent, Country Garden plummeted 4.95 percent, CSPC Pharmaceutical advanced 1.18 percent, Galaxy Entertainment fell 0.63 percent, Hang Lung Properties dropped 1.05 percent, Henderson Land lost 0.71 percent, Hong Kong & China Gas jumped 1.85 percent, Industrial and Commercial Bank of China shed 0.73 percent, JD.com dipped 0.18 percent, Lenovo tumbled 1.55 percent, Li Ning strengthened 1.71 percent, Longfor rose 0.45 percent, Meituan improved 1.01 percent, New World Development retreated 1.48 percent , Techtronic Industries gained 0.85 percent, Xiaomi Corporation was down 0.16 percent and WuXi Biologics sank 0.78 percent.

The lead from Wall Street is positive as the major averages shook off early weakness on Monday, broke into the green midway into the session and finished near daily highs.

The Dow jumped 151.39 points or 0.45 percent to finish at 33,912.44, while the NASDAQ advanced 80.87 points or 0.62 percent to close at 13,128.05 and the S&P 500 rose 16.99 points or 0.40 percent to end at 4,297.14.

The lower opening on Wall Street came on lingering concerns about the global economy following the release of weak Chinese data and a surprise interest rate cut by China’s central bank.

In US economic news, the New York Federal Reserve reported an unexpected contraction in regional manufacturing activity in August. Also, the National Association of Home Builders noted continued deterioration in US homebuilder confidence in August.

Crude oil prices tumbled Monday on worries about energy demand after data showed slower than expected growth of the Chinese economy in July. The lowering of the oil demand forecast for 2022 by OPEC also weighed on prices. West Texas Intermediate Crude oil futures for September dropped $2.68 or 2.9 percent at $89.41 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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