Rally May Stall For Hong Kong Stock Market

By RTT News, 
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(RTTNews.com) - The Hong Kong stock market has moved higher now in consecutive trading days, collecting more than 280 points or 1.2 percent along the way. The Hang Seng Index finished just above the 23,290-point plateau, although now the market may see profit taking on Wednesday.

The global forecast for the Asian markets suggests mild consolidation ahead of the European Central Bank meeting and the release of U.S. data later this week. The European and U.S. markets were slightly lower, and the Asian markets figure to open in similar fashion.

The Hang Seng finished modestly higher on Tuesday as gains from the property stocks and resource plays were capped by weakness from the entertainment companies.

For the day, the index jumped 209.39 points or 0.91 percent to finish at 23,291.04 after trading between 23,134.34 and 23,327.51 on turnover of 67.31 billion Hong Kong dollars.

Among the actives, Henderson Land spiked 2.28 percent, while Sun Hung Kai Properties jumped 1.79 percent, Hutchison Whampoa climbed 1.35 percent, Cheung Kong added 0.87 percent, China Petroleum and Chemical (Sinopec) gained 1.28 percent, CNOOC advanced 2.56 percent, China Resources Power surged 4.91 percent, Galaxy Entertainment plunged 3.07 percent, Sands China tumbled 1.42 percent and HSBC shed 0.31 percent.

The lead from Wall Street is slightly soft as stocks ended modestly lower. Profit taking contributed to the weakness, with the Dow and the S&P 500 giving back some ground from record closing highs.

The Dow dipped 21.29 points or 0.1 percent to 16,722.34, while the NASDAQ edged down 3.12 points or 0.1 percent to 4,234.08 and the S&P 500 slipped 0.73 points or less than a tenth of a percent to 1,924.24.

In economic news, the Commerce Department reported a bigger than expected increase in U.S. factory orders - which increased 0.7 percent in April after jumping by an upwardly revised 1.5 percent in March. Economists had expected orders to climb by about 0.5 percent.

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