Hang Seng Likely To Test Resistance At 24,000

By RTT News, 
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(RTTNews.com) - The Hong Kong stock market has finished higher now in two straight sessions, surging almost 590 points or 2.5 percent along the way. The Hang Seng Index settled just above the 23,970-point plateau, and the market draws a firm open again on Thursday.

The global forecast for the Asian markets suggests mild upside, with fairly good earnings news capped by ongoing geopolitical concerns in Gaza and Ukraine. The European markets were slightly higher and the U.S. bourses were mixed but little changed - and the Asian markets figure to split the difference at the open.

The Hang Seng finished modestly higher on Wednesday following gains from the property stocks, financials and oil companies.

For the day, the index climbed 189.76 points or 0.80 percent to finish at 23,971.87 after trading between 23,834.39 and 23, 975.74 on turnover of 79.82 billion Hong Kong dollars.

Among the actives, China Resources Land surged 7.53 percent, while Wharf Holdings surged 3.02 percent, Henderson Land jumped 2.05 percent, New World Development added 0.76 percent, Hutchison Whampoa tumbled 1.44 percent, Bank of East Asia collected 0.93 percent, China Petroleum and Chemical (Sinopec) spiked 2.01 percent and PetroChina soared 3.05 percent.

The lead from Wall Street is cautiously optimistic as stocks fluctuated on Wednesday before eventually ending the session mixed.

The Dow edged down 26.91 points or 0.2 percent to 17,086.63, while the NASDAQ rose 17.68 points or 0.4 percent to 4,473.70 and the S&P 500 crept up 3.48 points or 0.2 percent to 1,987.01. The modest gain on the day lifted the S&P 500 to a new record closing high.

The loss on the Dow was partly due to a steep drop by shares of Boeing ( BA ), which came under pressure even though the aerospace giant reported better than expected second quarter earnings and raised its full-year guidance.

On the other hand, beverage and snack giant PepsiCo ( PEP ) moved higher after reporting better than expected second quarter results despite a drop in North American carbonated drink sales.

The mixed performance also came amid lingering concerns about the ongoing conflicts in Ukraine and Gaza. Ukraine'sDefense Ministry has claimed pro-Russian separatists shot down two Ukrainian fighter jets - while traders also kept an eye on Israel's ongoing offensive in Gaza, where the Palestinian death toll has reached 650.

Later today, Hong Kong will see June numbers for imports, exports and trade balance. In May, imports were worth 348.32 billion HKD and exports were at 305.97 billion HKD for a trade deficit of 42.35 billion HKD.

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This article appears in: News Headlines

Referenced Stocks: BA , BKEAY , HUWHY , NDVLY , PEP

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