The Hong Kong stock market has moved lower in seven straight sessions, tumbling more than 1,100 points or 4.4 percent along the way. The Hang Seng Index now rests just beneath the 25,025-point plateau although it’s due for support on Thursday.
The global forecast for the Asian markets is upbeat after the Federal Reserve said to scale back stimulus as expected and not worse – although weakness from crude oil may limit the upside. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The Hang Seng finished modestly lower on Wednesday following losses from the oil and technology stocks, while the properties and casinos were mixed.
For the day, the index shed 74.92 points or 0.30 percent to finish at 25,024.75 after trading between 24,808.59 and 25,187.09.
Among the actives, AAC Technologies plummeted 3.77 percent, while AIA Group declined 2.44 percent, Alibaba Group lost 0.62 percent, Alibaba Health Info tanked 2.72 percent, ANTA Sports soared 2.95 percent, China Life Insurance dipped 0.44 percent, China Petroleum and Chemical (Sinopec) dropped 0.79 percent, China Resources Land fell 0.51 percent, CITIC surrendered 2.34 percent, CNOOC shed 0.71 percent, Country Garden and CSPC Pharmaceutical both advanced 0.87 percent, Galaxy Entertainment was down 0.24 percent, Hang Lung Properties plunged 2.75 percent, Henderson Land jumped 1.23 percent, Hong Kong & China Gas sank 1.16 percent, Industrial and Commercial Bank of China eased 0.23 percent, Li Ning surged 6.66 percent, Longfor added 0.29 percent, Meituan spiked 2.21 percent, New World Development slid 0.45 percent, Sands China rose 0.11 percent, Techtronic Industries skidded 1.37 percent, Xiaomi Corporation tumbled 2.62 percent, WuXi Biologics retreated 1.61 percent and China Mengniu Dairy and Sun Hung Kai Properties were unchanged.
The lead from Wall Street ends up positive as the major averages opened lower on Wednesday and languished in the red before a late rally sent them into the green at fresh record closing highs.
The Dow climbed 104.95 points or 0.29 percent to finish at 36,157.58, while the NASDAQ jumped 161.98 points or 1.04 percent to close at 15,811.58 and the S&P 500 gained 29.92 points or 0.65 percent to end at 4,660.57.
The late-day advance on Wall Street came after the Fed announced its widely expected decision to begin scaling back its asset purchases later this month.
The Fed said it plans to reduce its $120 billion in monthly bond purchases by $15 billion per month, citing the substantial further progress the economy has made toward its goals of maximum employment and price stability.
In economic news, payroll processor ADP said private sector employment in the U.S. increased more than expected in October. Also, the Institute for Supply Management showed growth in U.S. service sector accelerated to a new record high last month.
Crude oil futures settled sharply lower Wednesday after data showed a significant jump in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for December ended down by $2.74 or 3.3 percent at $81.17 a barrel.
Market Analysis
Hong Kong Stock Market Has Positive Lead
2021-11-04 00:58:32
