Rebound Tipped For Hong Kong Market

By RTT News, 
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(RTTNews.com) - The Hong Kong stock market on Thursday snapped the four-day winning streak in which it had climbed more than 360 points or 1.5 percent. The Hang Seng Index settled just below the 25,000-point plateau, although the market may reclaim that level on Friday.

The global forecast for the Asian markets is upbeat following positive economic data from the United States. The European and U.S. markets finished higher and the Asian bourses are also tipped to open in the green.

The Hang Seng finished modestly lower on Thursday following mixed performances from the financial shares, properties and resource stocks.

For the day, the index declined 165.66 points or 0.66 percent to finish at 24,994.10 after trading between 24,896.20 and 25,142.34 on turnover of 75.23 billion Hong Kong dollars.

Among the actives, HSBC shed 0.42 percent, while Sun Hung Kai Properties dropped 1.27 percent, Sino Land added 0.57 percent, Hutchison Whampoa fell 1.60 percent, China Resources Enterprise tumbled 1.92 percent, China Petroleum and Chemical (Sinopec) lost 0.78 percent, China Unicom gained 0.76 percent and China Shenhua Energy retreated 1.50 percent.

The lead from Wall Street is positive as stocks moved mostly higher on Thursday, extending the recent upward trend by the markets and lifting the S&P 500 to a new record closing high.

The Dow climbed 60.36 points or 0.4 percent to 17,039.49, while the NASDAQ edged up 5.62 points or 0.1 percent to 4,532.10 and the S&P 500 rose 5.86 points or 0.3 percent to 1,992.37.

The positive sentiment followed largely upbeat U.S. economic data, including a report from the National Association of Realtors showing that existing home sales unexpectedly rose to a ten-month high in July.

The Labor Department also reported a bigger than expected drop in initial jobless claims in the week ended August 16. Also, the Philadelphia Federal Reserve index of regional manufacturing activity hit a new three-year high in August.

Traders also seemed to be expressing some optimism about Federal Reserve Chair Janet Yellen's speech later today at the Kansas City Fed's economic policy symposium in Jackson Hole, Wyoming.

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This article appears in: News Headlines

Referenced Stocks: CHU , HSBC , HUWHY , SNLAY , SNP

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