The Hong Kong stock market turned lower again on Thursday, one session after halting the four-day losing streak in which it had stumbled almost 920 points or 3.7 percent. The Hang Seng Index now rests just above the 25,315-point plateau although it may see at least a technical rebound on Friday.
The global forecast for the Asian markets is mixed, with bargain hunting expected after heavy losses in the previous session. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.
The Hang Seng finished sharply lower on Thursday following losses from the financials, properties, casinos and oil companies.
For the day, the index plummeted 550.68 points or 2.13 percent to finish at 25,316.33 after trading between 25,183.67 and 25,832.92.
Among the actives, AAC Technologies declined 2.97 percent, while AIA Group rose 0.15 percent, Alibaba Group plummeted 5.54 percent, Alibaba Health Info surrendered 2.87 percent, ANTA Sports spiked 2.01 percent, China Life Insurance gave away 2.71 percent, China Mengniu Dairy eased 0.34 percent, China Petroleum and Chemical (Sinopec) retreated 3.02 percent, China Resources Land skidded 3.12 percent, CITIC lost 1.32 percent, CNOOC shed 1.82 percent, Country Garden tumbled 3.51 percent, CSPC Pharmaceutical dipped 0.91 percent, Galaxy Entertainment dropped 1.99 percent, Hang Lung Properties plunged 4.88 percent, Henderson Land fell 1.26 percent, Hong Kong & China Gas slid 0.93 percent, Industrial and Commercial Bank of China softened 0.68 percent, Longfor tanked 3.19 percent, Meituan cratered 7.15 percent, New World Development slipped 0.80 percent, Sands China weakened 1.86 percent, Sun Hung Kai Properties was down 0.71 percent, Techtronic Industries jumped 1.28 percent, Xiaomi Corporation sank 2.44 percent and WuXi Biologics climbed 1.07 percent.
The lead from Wall Street is uncertain as the major averages opened lower on Thursday but spent the day bouncing back and forth across the unchanged line, eventually ending mixed and little changed.
The Dow lost 66.57 points or 0.19 percent to finish at 34,894.12, while the NASDAQ added 15.87 points or 0.11 percent to end at 14,541 and the S&P rose 5.5 points or 0.13 percent to close at 4,405.80.
The initial downside move on Wall Street came as traders continued to digest the minutes of the Federal Reserve’s latest monetary policy meeting, which note the increased possibility the central bank’s asset purchase program may be scaled back before the end of the year.
Potentially adding evidence to Fed officials’ view that the economy is close to the goal of maximum employment, the Labor Department released a report this morning showing initial jobless claims fell to a new pandemic-era low last week.
Bargain hunting helped to lift the markets as the session progressed.
Crude oil futures fell for a sixth straight session Thursday on worries about the outlook for energy demand after data showed a surprise build in gasoline inventories and continued spikes in coronavirus cases. West Texas Intermediate futures for September ended down $1.77 or 2.7 percent at $63.60 a barrel, a three-month low.
Market Analysis
Mild Upside Expected For Hong Kong Stock Market
2021-08-20 01:15:06
