The Hong Kong stock market has moved lower in consecutive trading days, plummeting almost 750 points or 2.9 percent along the way. The Hang Seng Index now rests just above the 27,250-point plateau although it’s expected to find support on Wednesday.
The global forecast for the Asian markets is broadly positive, with bargain hunting expected for the oversold bourses. A spike in crude oil prices is also expected to provide support. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The Hang Seng finished modestly lower on Tuesday following losses from the properties, casinos and oil and technology stocks.
For the day, the index retreated 230.53 points or 0.84 percent to finish at 27,259.25 after trading between 27,121.49 and 27,532.86.
Among the actives, AAC Technologies skidded 2.00 percent, while AIA Group rose 0.22 percent, Alibaba Group was up 0.10 percent, Alibaba Health Info cratered 7.39 percent, ANTA Sports slipped 0.60 percent, China Life Insurance dropped 1.16 percent, China Mengniu Dairy gained 0.80 percent, China Petroleum and Chemical (Sinopec) tanked 2.73 percent, China Resources Land surrendered 1.45 percent, CITIC tumbled 2.68 percent, CNOOC declined 1.75 percent, CSPC Pharmaceutical lost 1.11 percent, Galaxy Entertainment plummeted 3.21 percent, Hang Lung Properties sank 1.19 percent, Henderson Land fell 1.10 percent, Hong Kong & China Gas gave away 0.16 percent, Industrial and Commercial Bank of China dipped 0.90 percent, Longfor eased 0.12 percent, Meituan was down 0.36 percent, Sands China plunged 2.82 percent, Sun Hung Kai Properties weakened 1.22 percent, Techtronic Industries slid 1.05 percent, Xiaomi Corporation retreated 1.78 percent, WuXi Biologics shed 1.15 percent and New World Development was unchanged.
The lead from Wall Street is firm as the major averages opened in the green on Tuesday and continued to pick up steam as the session progressed, ending firmly higher.
The Dow jumped 549.95 points or 1.62 percent to finish at 34,511.99, while the NASDAQ spiked 223.89 points or 1.57 percent to end at 14,498.88 and the S&P 500 gained 64.57 points or 1.52 percent to close at 4,323.06.
The rebound on Wall Street came as traders picked up stocks at reduced levels after the steep drop on Monday dragged the major averages down to their lowest levels in almost a month.
A positive reaction to the latest earnings news also contributed to the rally, fueled by IBM Corp. (IBM), HCA Healthcare (HCA), Halliburton (HAL) and J.B. Hunt Transport Services (JBHT), among others.
In economic news, the Commerce Department reported a substantial increase in new residential construction in June, although building permits were down.
Crude oil futures rebounded on bargain hunting on Tuesday, even amid concerns about the outlook for energy demand and possible oversupply in the market. West Texas Intermediate Crude oil futures for September, the new front month contract, ended up $0.85 or 1.3 percent at $67.20 a barrel.
Market Analysis
Hong Kong Stock Market Has Firm Lead For Wednesday
2021-07-21 01:15:07
