(RTTNews) - The Hong Kong stock market on Wednesday ended the four-day slide in which it had given up more than 510 points or 2 percent. The Hang Send Index now sits just above the 26,580-point plateau and it may extend its gains on Thursday.
The global forecast for the Asian markets is cautiously optimistic and fairly fluid in light of U.S. demands to acquire Greenland. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow that lead.
The Hang Seng finished modestly higher on Wednesday as the financial shares, property stocks and technology companies ended mostly in the green.
For the day, the index gained 97.55 points or 0.37 percent to finish at 26,585.06 after trading between 26,397.04 and 26,692.78.
Among the actives, Alibaba Group rallied 2.19 percent, while Alibaba Health Info spiked 3.03 percent, ANTA Sports plummeted 4.18 percent, China Life Insurance slumped 1.26 percent, China Mengniu Dairy improved 0.44 percent, China Resources Land tanked 2.97 percent, CITIC and Xiaomi Corporation both fell 0.17 percent, CNOOC soared 3.07 percent, CSPC Pharmaceutical vaulted 1.64 percent, Galaxy Entertainment advanced 0.49 percent, Haier Smart Home rose 0.07 percent, Hang Lung Properties jumped 1.86 percent, Henderson Land tumbled 1.29 percent, Hong Kong & China Gas climbed 1.11 percent, Industrial and Commercial Bank of China declined 1.58 percent, JD.com increased 0.36 percent, Lenovo retreated 2.37 percent, Li Auto accelerated 1.78 percent, Li Ning stumbled 2.70 percent, Meituan eased 0.05 percent, New World Development plunged 3.94 percent, Nongfu Spring expanded 1.41 percent, Techtronic Industries added 0.30 percent and WuXi Biologics surged 3.50 percent.
The lead from Wall Street is positive as the major averages opened higher on Wednesday and stayed in the green throughout the session, although not without volatility.
The Dow jumped 588.64 points or 1.21 percent to finish at 49,077.23, while the NASDAQ rallied 270.50 points or 1.18 percent to end at 23,224.82 and the S&P 500 climbed 87.76 points or 1.16 percent to close at 6,875.62.
The volatility on Wall Street came as traders reacted to President Donald Trump's latest remarks about his efforts to take control of Greenland.
Early buying interest was generated in reaction to Trump's speech at the World Economic Forum in Davos, Switzerland, where he ruled out the use of military force to take control of Greenland.
However, buying interest waned over the course of the morning amid lingering concerns about trade between the U.S. and Europe due to the dispute. But buying interest returned when Trump said he would not go forward with the tariffs he threatened to impose on several European nations
Crude oil posted incremental gains on Wednesday as traders assessed Trump's speech at the World Economic Forum, where he sought negotiations on the U.S. bid to acquire Greenland. West Texas Intermediate crude for March delivery was up $0.10 or 0.17 percent at $60.46 per barrel.
Closer to home, Hong Kong will release December data for consumer prices later today; in November, overall inflation was flat on month and up 1.2 percent on year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
