The Hong Kong stock market headed south again on Thursday, one session after snapping the two-day losing streak in which it had plunged more than 600 points or 3 percent. The Hang Seng now rests just above the 20,115-point plateau although it’s expected to see renewed support on Friday.
The global forecast for the Asian markets is broadly positive, with support expected from the technology, retail, oil and airline stocks. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The Hang Seng finished modestly lower on Thursday following losses from the properties and mixed performances from the technology and oil companies.
For the day, the index lost 55.07 points or 0.27 percent to finish at 20,116.20 after trading between 19,890.76 and 20,272.22.
Among the actives, AAC Technologies sank 0.52 percent, while Alibaba Group declined 1.52 percent, Alibaba Health Info tumbled 2.63 percent, ANTA Sports retreated 0.83 percent, China Life Insurance collected 0.35 percent, China Mengniu Dairy surrendered 2.06 percent, China Petroleum and Chemical (Sinopec) fell 0.24 percent, China Resources Land lost 0.29 percent, CITIC shed 0.46 percent, CNOOC spiked 1.58 percent, Country Garden plummeted 5.66 percent, CSPC Pharmaceutical plunged 5.10 percent, Galaxy Entertainment jumped 1.28 percent, Hang Lung Properties dipped 0.14 percent, Hong Kong & China Gas skidded 0.58 percent, Industrial and Commercial Bank of China slid 0.21 percent, JD.com slumped 0.60 percent, Lenovo climbed 1.11 percent, Li Ning rose 0.20 percent, Meituan stumbled 0.69 percent, New World Development dropped 0.51 percent, Techtronic Industries added 0.21 percent, Xiaomi Corporation advanced 0.71 percent, WuXi Biologics tanked 4.97 percent and Henderson Land and Nongfu Spring were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Thursday and picked up steam ad the day progressed, finishing near session highs.
The Dow spiked 516.91 points or 1.61 percent to finish at 32,637.10, while the NASDAQ surged 305..91 points or 2.68 percent to end at 11,740.65 and the S&P 500 jumped 79.11 points or 1.99 percent to close at 4,057.84.
The strength on Wall Street came as traders continued to pick up stocks at relatively reduced levels following recent weakness.
Adding to the positive sentiment, the Labor Department reported that first-time claims for U.S. unemployment benefits pulled back by more than expected last week.
In other economic news, the Commerce Department said economic activity in the U.S. slumped slightly more than estimated in the first quarter of 2022. Also, the National Association of Realtors said pending home sales plummeted by much more than expected in April.
Crude oil prices rose sharply on Thursday amid increasing signs of tight supply in the market ahead of the peak U.S. driving season that kicks off next week. A weak dollar and the possibility of EU sanctions on Russian oil also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures for July ended higher by $3.76 or 3.4 percent at $114.09 a barrel.
Market Analysis
Hong Kong Stock Market Has Solid Lead For Friday’s Trade
2022-05-27 01:17:25
