Markets

Higher Open Expected For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market rebounded on Friday, one session after snapping the two-day winning streak in which it had jumped more than 750 points or 2.6 percent. The Hang Seng Index now sits just above the 29,120-point plateau and it's got another positive lead for Monday's trade.

The global forecast for the Asian markets is positive on easing inflation concerns. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The Hang Seng finished barely higher on Friday following gains from the oil and financial companies, weakness from the technology stocks and a mixed picture from the properties and casinos.

For the day, the index rose 11.21 points or 0.04 percent to finish at 29,124.41 after trading between 29,033.72 and 29,336.13.

Among the actives, AAC Technologies skidded 1.88 percent, while AIA Group climbed 0.98 percent, Alibaba Group dropped 0.67 percent, Alibaba Health Info plummeted 5.09 percent, ANTA Sports shed 0.63 percent, China Life Insurance gained 0.37 percent, China Mengniu Dairy declined 1.18 percent, China Petroleum and Chemical (Sinopec) jumped 1.20 percent, China Resources Land sank 0.95 percent, CITIC surged 3.64 percent, CNOOC added 0.47 percent, CSPC Pharmaceutical tanked 2.83 percent, Galaxy Entertainment surrendered 0.99 percent, Hang Lung Properties gathered 0.75 percent, Henderson Land lost 0.40 percent, Hong Kong & China Gas improved 0.15 percent, Industrial and Commercial Bank of China collected 0.59 percent, Longfor was up 0.11 percent, Meituan tumbled 2.43 percent, New World Development rallied 0.96 percent, Sands China advanced 0.57 percent, Sun Hung Kai Properties rose 0.17 percent, Techtronic Industries fell 0.20 percent, Xiaomi Corporation retreated 1.55 percent and WuXi Biologics plunged 5.03 percent.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Friday, faded as the day progressed but still finished slightly in the green.

The Dow added 64.81 points or 0.19 percent to finish at 34,529.45, while the NASDAQ gained 12.46 points or 0.09 percent to end at 13,748.74 and the S&P 500 rose 3.23 points or 0.08 percent to close at 4,204.11.

The strength on Wall Street came as the inflation reading preferred by the Federal Reserve showed an acceleration in the pace of price growth but not as much as traders had feared.

While the increase in prices exceeded estimates, the jump was not so severe as to raised concerns about the Federal Reserve tightening monetary policy.

Crude oil futures settled lower Friday, snapping a five-day winning streak as traders took profits ahead to the upcoming OPEC meeting. West Texas Intermediate Crude oil futures for July fell $0.53 or 0.8 percent at $66.32 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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