Markets

Hong Kong Bourse Predicted To Open In The Green

(RTTNews) - The Hong Kong stock market on Thursday ended the two-day winning streak in which it had accelerated almost 1,850 points or 8.3 percent. The Hang Seng Index now rests just above the 23,350-point plateau although it figures to see renewed support on Friday.

The global forecast for the Asian markets is upbeat on the expectation of massive stimulus relief for the coronavirus pandemic. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The Hang Seng finished modestly lower on Thursday following losses from the financials, casinos and oil companies - while the properties and insurance companies were mixed.

For the day, the index dropped 174.85 points or 0.74 percent to finish at 23,352.34 after trading between 23,163.67 and 23,604.83.

Among the actives, CITIC plummeted 5.68 percent, while China Resources Land plunged 5.01 percent, AAC Technologies surged 4.85 percent, Techtronic Industries tumbled 3.43 percent, Hong Kong & China Gas skidded 2.06 percent, Galaxy Entertainment retreated 1.88 percent, CSPC Pharmaceutical spiked 1.87 percent, Industrial and Commercial Bank of China declined 1.70 percent, New World Development dropped 1.44 percent, China Mengniu Dairy sank 1.30 percent, BOC Hong Kong shed 1.15 percent, China Petroleum and Chemical (Sinopec) lost 1.10 percent, CNOOC fell 0.92 percent, Sands China slid 0.83 percent, China Mobile jumped 0.80 percent, AIA Group dipped 0.73 percent, China Life Insurance was down 0.66 percent, Tencent Holdings added 0.47 percent, Ping An Insurance gained 0.33 percent, Power Assets eased 0.33 percent and WH Group was unchanged.

The lead from Wall Street is broadly positive as stocks opened higher on Thursday and extended gains as the session progressed.

The Dow surged 1,351.62 points or 6.38 percent to finish at 22,552.17, while the NASDAQ added 413.24 points or 5.60 percent to 7,797.54 and the S&P 500 jumped 154.51 points or 6.24 percent to 2,630.07.

The rally on Wall Street came even though the Labor Department reported that first-time claims for unemployment benefits soared last week, as large swaths of the U.S. economy were shut down due to the coronavirus pandemic.

Any negative sentiment also seems to have been offset by last night's news that the Senate finally voted to approve a massive $2 trillion stimulus package in response to the coronavirus pandemic. The Republican Senate passed the bill unanimously and it now moves to the House, which is expected to pass the legislation later today and send it on to President Trump.

Crude oil prices declined sharply and closed lower for the first time in four sessions as concerns about outlook for energy demand weighed on the commodity. West Texas Intermediate crude oil futures for May ended down $1.89 or 7.7 percent at $22.60 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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