The Hong Kong stock market has finished higher in two straight sessions, climbing more than 750 points or 2.6 percent along the way. The Hang Seng Index now sits just above the 29,160-point plateau and it may see additional support on Thursday.
The global forecast for the Asian markets is cautiously optimistic, supported by oil and technology stocks. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The Hang Seng finished modestly higher on Wednesday as gains from the financials, properties, casinos and technology stocks were dented by weakness from the oil companies.
For the day, the index advanced 255.15 points or 0.88 percent to finish at 29,166.01 after trading between 29,027.95 and 29,261.86.
Among the actives, AAC Technologies gathered 1.73 percent, while AIA Group increased 0.59 percent, Alibaba Group rose 0.49 percent, Alibaba Health Info plummeted 5.72 percent, ANTA Sports dipped 0.13 percent, China Life Insurance added 0.12 percent, China Mengniu Dairy improved 0.88 percent, China Petroleum and Chemical (Sinopec) dropped 0.72 percent, China Resources Land gained 1.23 percent, CITIC eased 0.11 percent, CNOOC fell 0.35 percent, CSPC Pharmaceutical jumped 1.91 percent, Galaxy Entertainment surged 4.25 percent, Hang Lung Properties accelerated 2.25 percent, Henderson Land advanced 1.53 percent, Hong Kong & China Gas added 1.49 percent, Industrial and Commercial Bank of China collected 1.00 percent, Longfor was up 0.11 percent, Meituan rose 1.08 percent, New World Development spiked 2.79 percent, Sands China soared 3.82 percent, Sun Hung Kai Properties perked 1.70 percent, Techtronic Industries rallied 1.76 percent, Xiaomi Corporation strengthened 1.44 percent and WuXi Biologics climbed 1.89 percent.
The lead from Wall Street offers mild support as the major averages shook off a sluggish start on Wednesday and managed to finish in the green.
The Dow rose 10.59 points or 0.03 percent to finish at 34,323.05, while the NASDAQ climbed 80.82 points or 0.59 percent to close at 13,738.00 and the S&P 500 added 7.86 points or 0.19 percent to end at 4,195.99.
The modest strength on Wall Street reflected continued economic optimism as the country continues to reopen following the coronavirus pandemic as an increasing number of Americans receive a coronavirus vaccine.
But buying interest remained subdued as traders look ahead to Friday’s closely watched inflation reading, which could directly affect the current levels of stimulus.
Crude oil futures settled higher on Wednesday, rising for a fourth straight session as data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for July ended up $0.14 or 0.2 percent at $66.21 a barrel.
Closer to home, Hong Kong will release April numbers for imports, exports and trade balance later today. In March, imports were up 21.7 percent on year and exports climbed an annual 26.4 percent for a trade deficit of HKD27.0 billion.
Market Analysis
Higher Open Anticipated For Hong Kong Shares
2021-05-27 01:18:27
