Hong Kong Bourse May Add To Its Winnings On Thursday

(RTTNews) - The Hong Kong stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had gathered more than 230 points or 0.9 percent. The Hang Seng Index now rests just above the 25,480-point plateau and it's predicted to open in the green again on Thursday.

The global forecast for the Asian markets is upbeat on optimism for a coronavirus treatment. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The Hang Seng finished barely higher on Wednesday following mixed performances from the property stocks, oil companies and casinos.

For the day, the index rose 3.69 points or 0.01 percent to finish at 24,481.58 after trading between 25,299.36 and 25,888.78.

Among the actives, AAC Technologies plummeted 5.86 percent, while Tencent Holdings surged 3.43 percent, Techtronic Industries soared 2.85 percent, China Resources Land plunged 2.34 percent, Hang Lung Properties tanked 2.30 percent, Sands China tumbled 2.01 percent, CSPC Pharmaceutical spiked 1.50 percent, Industrial and Commercial Bank of China skidded 1.43 percent, Hong Kong & China Gas retreated 1.05 percent, CNOOC jumped 1.03 percent, New World Development declined 1.01 percent, Ping An Insurance surrendered 0.80 percent, CITIC climbed 0.78 percent, China Mengniu Dairy dropped 0.71 percent, AIA Group sank 0.68 percent, BOC Hong Kong shed0.66 percent, China Mobile lost 0.64 percent, Power Assets fell 0.47 percent, Galaxy Entertainment added 0.46 percent, China Petroleum and Chemical (Sinopec) and Wharf Real Estate both slid 0.30 percent, Sun Hing Kai Properties rose 0.25 percent, China Life Insurance dipped 0.21 percent, WH Group eased 0.13 percent and CLP Holdings and CK Infrastructure Holdings were unchanged.

The lead from Wall Street is firm as stocks fluctuated on Wednesday maintained a positive bias before ending mostly higher.

The Dow jumped 227.51 points or 0.85 percent to finish at 26,870.10, while the NASDAQ gained 61.92 points or 0.59 percent to end at 10,550.49 and the S&P 500 rose 29.04 points or 0.91 percent to close at 3,226.56.

The continued strength on Wall Street came as upbeat news on the coronavirus vaccine front helped traders shrug off a record single-day spike in new Covid-19 cases in the U.S. Biotech firm Moderna (MRNA) said its experimental vaccine was safe and produced strong immune responses in all 45 patients in an early-stage human trial.

Upbeat earnings news from Goldman Sachs (GS) added to the positive sentiment, with the financial giant reporting much stronger than expected second quarter results.

Crude oil futures ended firmly higher Wednesday after data showed a marked decline in U.S. crude inventories last week. West Texas Intermediate crude oil futures for August ended up $0.91 or 2.3 percent at $41.20 a barrel, the highest settlement since March 6.

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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