Markets

Higher Open Expected For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market on Tuesday snapped the three-day losing streak in which it had surrendered almost 430 points or 1.9 percent. The Hang Seng Index now rests just beneath the 24,950-point plateau and it may see additional support on Wednesday.

The global forecast for the Asian markets is upbeat on rising oil prices and hopes for stimulus in the United States. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The Hang Seng finished sharply higher on Tuesday following gains from the financials, properties, casinos and oil and insurance companies.

For the day, the index surged 488.50 points or 2.00 percent to finish at 24,946.63 after trading between 24,539.44 and 25,062.41.

Among the actives, Wharf Real Estate skyrocketed 7.51 percent, while Techtronic Industries surged 6.93 percent, China Life Insurance soared 4.47 percent, AIA Group spiked 4.11 percent, BOC Hong Kong accelerated 4.02 percent, Hang Lung Properties jumped 4.00 percent, CNOOC climbed 2.94 percent, CITIC gathered 2.77 percent, Henderson Land perked 2.44 percent, Sino Land rallied 2.38 percent, China Resources Land advanced 2.17 percent, Tencent Holdings added 2.04 percent, Ping An Insurance gained 2.03 percent, Industrial and Commercial Bank of China collected 1.98 percent, Galaxy Entertainment rose 1.81 percent, Sands China jumped 1.35 percent, China Petroleum and Chemical (Sinopec) climbed 1.21 percent, Hong Kong & China Gas advanced 0.72 percent, WH Group added 0.57 percent, China Mobile gained 0.56 percent, China Mengniu Dairy shed 0.41 percent, CSPC Pharmaceutical fell 0.25 percent and AAC Technologies was unchanged.

The lead from Wall Street is positive as stocks showed a lack of direction Tuesday but managed to end the day mostly higher following a late move to the upside.

The Dow added 164.07 points or 0.62 percent to finish at 26,828.47, while the NASDAQ gained 38.37 points or 0.35 percent to end at 10,941.17 and the S&P 500 rose 11.90 points or 0.36 percent to close at 3,306.51.

The late-day strength on Wall Street reflected a positive reaction to comments from Senate Majority Leader Mitch McConnell, R-Ken.

McConnell told reports he is prepared to support a coronavirus relief bill agreement between Democrats and the White House even is he has some problems with certain parts of it.

The amount of the federal unemployment benefit remains a key sticking point, as Republicans want to slash the benefit to $200 per week and Democrats want to keep it at $600 per week.

In economic news, the Commerce Department noted another substantial increase in new orders for manufactured goods in June.

Crude oil futures settled notably higher Tuesday, with traders picking up positions ahead of inventory data on hopes of a drop in stockpiles. West Texas Intermediate Crude oil futures for September settled at $41.70 a barrel, gaining $0.69 or 1.7 percent for the session.

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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