The Hong Kong stock market has moved lower in six consecutive trading days, sinking almost 400 points or 1.8 percent along the way. The Hang Seng Index now rests just beneath the 25,320-point plateau although it may find traction on Friday.
The global forecast for the Asian markets is mixed to higher, with support expected from oil and technology companies. The European markets were down and the U.S. bourses were mixed and the Asian markets are tipped 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 tumbled 330.36 points or 1.29 percent to finish at 25,319.72 after trading between 25,222.60 and 25,414.21.
Among the actives, AAC Technologies sank 1.45 percent, while AIA Group was down 0.41 percent, Alibaba Group plunged 5.34 percent, Alibaba Health Info plummeted 6.11 percent, China Life Insurance slid 0.43 percent, China Mengniu Dairy surrendered 2.50 percent, China Petroleum and Chemical (Sinopec) dropped 1.32 percent, China Resources Land tumbled 2.94 percent, CITIC eased 0.14 percent, CNOOC fell 0.74 percent, Country Garden tanked 4.22 percent, CSPC Pharmaceutical declined 2.35 percent, Galaxy Entertainment shed 0.22 percent, Hang Lung Properties skidded 1.52 percent, Hong Kong & China Gas added 0.51 percent, Industrial and Commercial Bank of China slipped 0.47 percent, Li Ning retreated 2.26 percent, Longfor lost 0.88 percent, Meituan slumped 2.46 percent, New World Development fell 0.44 percent, Sands China slid 0.62 percent, Sun Hung Kai Properties dipped 0.55 percent, Techtronic Industries jumped 1.46 percent, Xiaomi Corporation stumbled 2.76 percent, WuXi Biologics shed 0.98 percent and Henderson Land was unchanged.
The lead from Wall Street is mixed as the Dow opened in the red Thursday and remained there throughout the session, while the NASDAQ and S&P shrugged off some early weakness to finish at fresh record closing highs.
The Dow shed 60.10 points or 0.17 percent to finish hat 35,870.95, while the NASDAQ climbed 72.14 points or 0.45 percent to close at 15,993.71 and the S&P 500 rose 15.87 points or 0.34 percent to end at 4,704.54.
The mixed performance followed mixed earnings news from some big-name companies. Retail stocks saw significant strength following upbeat results from companies like Macy’s (M), BJ’s Wholesale (BJ) and Kohl’s (KSS).
Meanwhile, a steep drop by Cisco Systems (CSCO) weighed on the Dow after the company reported better than expected fiscal first quarter earnings but provided disappointing guidance.
In economic news, Labor Department said first-time claims for U.S. unemployment benefits were nearly unchanged, down by 1,000 from last week. Also, the Federal Reserve Bank of Philadelphia showed jump in the pace of growth in regional manufacturing activity in November.
Crude oil futures settled higher Thursday, bouncing back after early weakness, despite uncertainty about the outlook for energy demand. West Texas Intermediate Crude oil futures for December gained $0.65 or 0.8 percent at $79.01 a barrel.
Market Analysis
Hong Kong Stock Market May Snap Losing Streak
2021-11-19 01:18:08
