The Hong Kong stock market has moved lower in three straight sessions, slumping more than 1,100 points or 5.5 percent along the way. The Hang Seng Index now sits just beneath the 19,850-point plateau and it may take further damage again on Wednesday.
The global forecast for the Asian markets is negative ahead of key U.S. inflation data later today. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The Hang Seng finished sharply lower on Tuesday with damage across the board, especially among the financial shares and technology stocks.
For the day, the index plummeted 580.05 points or 2.84 percent to finish at 19,846.88 after trading between 19,761.31 and 20,517.24.
Among the actives, Alibaba Group tumbled 3.77 percent, while Alibaba Health Info tanked 4.36 percent, ANTA Sports plunged 4.37 percent, China Life Insurance plummeted 6.11 percent, China Mengniu Dairy declined 3.40 percent, China Resources Land stumbled 4.02 percent, CITIC shed 2.06 percent, CNOOC sank 2.08 percent, CSPC Pharmaceutical eased 0.19 percent, Galaxy Entertainment retreated 3.62 percent, Haier Smart Home fell 1.08 percent, Hang Lung Properties lost 1.81 percent, Henderson Land slumped 2.69 percent, Hong Kong & China Gas dipped 0.82 percent, Industrial and Commercial Bank of China skidded 2.31 percent, JD.com surrendered 5.01 percent, Lenovo plunged 5.49 percent, Li Auto plummeted 5.60 percent, Li Ning declined 3.29 percent, Meituan tanked 5.33 percent, New World Development dropped 2.30 percent, Nongfu Spring stumbled 4.17 percent, Techtronic Industries was down 0.74 percent, Xiaomi Corporation slumped 2.90 percent and WuXi Biologics slid 1.07 percent.
The lead from Wall Street is soft as the major averages opened slightly higher but quickly headed south and stayed in the red, finishing with modest losses.
The Dow stumbled 382.15 points or 0.86 percent to finish at 43,910.98, while the NASDAQ slipped 17.36 points or 0.09 percent to close at 19,281.40 and the S&P 500 sank 17.36 points or 0.29 percent to end at 5,983.99.
The pullback on Wall Street reflected profit taking as some traders looked to cash in on the recent strength in the markets following the U.S. elections.
Also, traders seemed reluctant to make more significant moves ahead of the highly anticipated report on consumer price inflation, due out later today.
Oil prices edged up only a bit on Tuesday after OPEC lowered its global oil demand forecast for 2025, while the dollar’s continued strength hurt as well. West Texas Intermediate Crude oil futures for December rose $0.08 at $68.12 a barrel.
Market Analysis
No Help Yet For Hong Kong Stock Market
2024-11-13 01:18:59
