The Hong Kong stock market has moved higher in two of three trading days since the end of the three-day losing streak in which it had plummeted almost 950 points or 4.2 percent. The Hang Seng Index now rests just above the 22,465-point plateau although it’s likely to turn lower again on Friday.
The global forecast for the Asian markets is negative and volatile, responding to the ongoing Russian invasion of Ukraine and resulting sanctions. The European and U.S. markets were down and the Asian bourses figure to follow suit.
The Hang Seng finished modestly higher on Thursday following gains from the oil companies and mixed performances from the technology and property stocks.
For the day, the index gained 123.42 points or 0.55 percent to finish at 22,467.34 after trading between 22,378.11 and 22,543.42.
Among the actives, AAC Technologies retreated 1.42 percent, while AIA Group rallied 1.51 percent, Alibaba Group gained 0.48 percent, Alibaba Health Info tanked 2.65 percent, ANTA Sports was up 0.26 percent, China Life Insurance rose 0.47 percent, China Mengniu Dairy tumbled 1.81 percent, China Petroleum and Chemical (Sinopec) strengthened 1.04 percent, China Resources Land soared 2.84 percent, CITIC surged 3.30 percent, CNOOC spiked 2.70 percent, Country Garden accelerated 1.67 percent, CSPC Pharmaceutical perked 0.34 percent, Galaxy Entertainment jumped 1.59 percent, Hang Lung Properties climbed 1.21 percent, Henderson Land sank 0.78 percent, Hong Kong & China Gas gathered 0.69 percent, Industrial and Commercial Bank of China collected 1.31 percent, Li Ning fell 0.40 percent, Longfor advanced 1.12 percent, Meituan declined 1.25 percent, New World Development added 0.66 percent, Techtronic Industries skyrocketed 9.05 percent, Xiaomi Corporation lost 0.67 percent and WuXi Biologics plummeted 4.24 percent.
The lead from Wall Street is soft as the major averages opened higher on Thursday and bounced back and forth across the unchanged line before late selling pressure saw them finish firmly in the red.
The Dow dropped 96.69 points or 0.29 percent to finish at 33,794.66, while the NASDAQ tumbled 214.08 points or 1.56 percent to end at 13,537.94 and the S&P 500 fell 23.05 points or 0.53 percent to close at 4,363.49.
The volatility on the day came as traders kept an eye on developments in Ukraine as Russian forces continue to step up their attacks, forcing thousands of Ukrainians to flee the country.
Traders remain worried the sanctions imposed on Russia along with the subsequent surge in oil prices could derail the economic recovery even as the Federal Reserve prepares to begin raising interest rates.
Fed Chair Jerome Powell appeared before the Senate Banking Committee and reiterated the central bank is likely to raise rates by at least 25 basis points at its meeting later this month.
In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week. Also, the Institute for Supply Management reported a continued slowdown in the pace of growth in U.S. service sector activity in February.
U.S. crude oil prices drifted lower on Thursday, retreating from multi-year highs on speculation over a possible nuclear deal with Iran. West Texas Intermediate Crude oil futures for April ended down by 2.6 percent at $107.67 a barrel.
Closer to home, Hong Kong will provide January data for retail sales later today; in December, sales were up 3.4 percent on year.
Lower Open Predicted For Hong Kong Stock Market
2022-03-04 01:15:10
