The Hong Kong stock market has finished higher in two of three trading days since the end of the two-day losing streak in which it had plummeted nearly 950 points or 2.6 percent. The Hang Seng Index now sits just above the 28,635-point plateau and it’s tipped to open higher again on Friday.
The global forecast for the Asian markets suggests mild upside, with optimism for economic recovery offset by the latest coronavirus surge in Japan and India. The European and U.S. markets finished higher and the Asian bourses are tipped to open in similar fashion.
The Hang Seng finished modestly higher on Thursday as gains from the technology stocks and oil companies were capped by weakness from the casinos and a mixed picture from the property sector.
For the day, the index advanced 219.48 points or 0.77 percent to finish at 28,637.46 after trading between 28,384.12 and 28,753.97.
Among the actives, AAC Technologies rose 0.35 percent, while AIA Group jumped 2.21 percent, Alibaba Group gained 0.73 percent, Alibaba Health Info eased 0.22 percent, ANTA Sports surged 3.94 percent, China Life Insurance collected 0.76 percent, China Mengniu Dairy was up 0.37 percent, China Petroleum and Chemical (Sinopec) added 0.98 percent, China Resources Land improved 0.67 percent, CITIC climbed 1.54 percent, CNOOC rallied 2.37 percent, CSPC Pharmaceutical gathered 1.27 percent, Galaxy Entertainment tumbled 1.19 percent, Hang Lung Properties lost 0.90 percent, Henderson Land perked 1.15 percent, Hong Kong & China Gas and CLP both advanced 1.09 percent, Industrial and Commercial Bank of China slid 0.40 percent, Longfor sank 1.12 percent, Meituan fell 0.42 percent, New World Development increased 0.49 percent, Sands China plunged 2.12 percent, Sun Hung Kai Properties rose 0.68 percent, Techtronic Industries spiked 3.16 percent, Xiaomi Corporation soared 3.24 percent and WuXi Biologics accelerated 2.90 percent.
The lead from Wall Street is upbeat as stocks shrugged off early weakness on Thursday to finish in the green.
The Dow jumped 318.19 points or 0.93 percent to finish at 34,548.53, while the NASDAQ gained 50.42 points or 0.37 percent to end at 13,632.84 and the S&P 500 climbed 34.03 points or 0.82 percent to close at 4,201.62.
The strength on Wall Street followed a Labor Department report showing first-time claims for U.S. unemployment benefits fell much more than expected last week.
Later today, the Labor Department is scheduled to release its more closely watched monthly employment report for April.
Crude oil futures finished lower on Thursday, extending losses from previous session amid worries about outlook for energy demand. West Texas Intermediate Crude oil futures for June were down $0.92 or 1.4 percent at $64.71 a barrel.
Market Analysis
Additional Support Anticipated For Hong Kong Bourse
2021-05-07 01:18:14
