Renewed support is expected for the Hong Kong stock market


(RTTNews) – The Hong Kong stock market snapped a two-day winning streak on Monday in which it had advanced more than 550 points or 2.7%. The Hang Seng now sits just above the 20,040 plateau, although it is expected to rebound again on Tuesday.

Global forecasts for Asian markets are cautiously optimistic, allaying concerns about the health of the Chinese economy. European and American markets managed a slight rise and Asian exchanges are expected to open similarly.

The Hang Seng ended slightly lower on Monday on losses from financial, real estate and oil companies, while tech stocks were mixed.

For the day, the index lost 134.76 points or 0.67% to end at 20,040.86 after trading between 19,984.04 and 20,260.66. Among assets, Alibaba Group slipped 1.24%, while Alibaba Health Info gained 0.64%, ANTA Sports fell 0.11%, China Life Insurance fell 2.38%, China Mengniu Dairy climbed 1.61%, China Petroleum and Chemical (Sinopec) plunged 2.95%, China Resources Land fell 1.33%, CITIC 0.47%, CNOOC 1.50%, Country Garden by 4.95%, CSPC Pharmaceutical by 1.18%, Galaxy Entertainment by 0.63%, Hang Lung Properties by 1.05%, Henderson Land by 0.71%, Hong Kong & China Gas jumped by 1 .85%, Industrial and Commercial Bank of China lost 0.73%, fell 0.18%, Lenovo fell 1.55%, Li Ning gained 1.71%, Longfor rose 0.45%, Meituan improved 1.01%, New World Development fell 1.48%. , Techtronic Industries gained 0.85%, Xiaomi Corporation fell 0.16% and WuXi Biologics fell 0.78%.

Wall Street’s advance is positive as major averages shrugged off Monday’s early weakness, broke into the green midway through the session and ended near daily highs.

The Dow Jones jumped 151.39 points or 0.45% to end at 33,912.44, while the NASDAQ advanced 80.87 points or 0.62% to close at 13,128.05 and the S&P 500 rose 16.99 points or 0.40% to end at 4,297.14.

Wall Street’s lower open was driven by lingering concerns about the global economy following the release of weak Chinese data and a surprise interest rate cut by China’s central bank.

In US economic news, the New York Federal Reserve signaled an unexpected contraction in regional manufacturing activity in August. Additionally, the National Association of Home Builders noted a continued deterioration in US homebuilder confidence in August.

Crude oil prices fell on Monday on energy demand concerns after data showed slower-than-expected growth for China’s economy in July. Lower oil demand predicted for 2022 by OPEC also weighed on prices. West Texas Intermediate crude oil futures for September fell $2.68 or 2.9% to $89.41 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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