Hong Kong Shares Tipped To Open In The Green
(RTTNews) - The Hong Kong stock market on Wednesday snapped the two-day winning streak in which it had collected almost 70 points or 0.3 percent. The Hang Seng Index now rests just above the 26,565-point plateau although it's expected to bounce higher again on Thursday.
The global forecast for the Asian markets is cautiously optimistic on mixed earnings news and a jump in crude oil prices. The European markets were mixed and the U.S. bourses were higher and the Asian markets figure to split the difference.
The Hang Seng finished modestly lower on Wednesday following losses from the property stocks, casinos and insurance companies.
For the day, the index lost 219.47 points or 0.82 percent to finish at 26,566.73 after trading between 26,491.71 and 26,818.99.
Among the actives, WH Group plummeted 3.99 percent, while AAC Technologies plunged 3.59 percent, Tencent Holdings tumbled 2.32 percent, CSPC Pharmaceutical skidded 2.07 percent, Galaxy Entertainment retreated 2.03 percent, China Resources Land declined 1.65 percent, Techtronic Industries dropped 1.64 percent, China Mengniu Dairy and Wharf Real Estate both sank 1.45 percent, BOC Hong Kong shed 1.10 percent, China Mobile lost 1.07 percent, China Life Insurance fell 1.02 percent, Industrial and Commercial Bank of China collected 0.73 percent, AIA Group slid 0.73 percent, Ping An Insurance dipped 0.53 percent, Hong Kong & China Gas slipped 0.52 percent, New World Development lost 0.36 percent, CNOOC fell 0.34 percent, Sands China sank 0.27 percent and China Petroleum and Chemical (Sinopec) eased 0.22 percent.
The lead from Wall Street suggests mild upside as stocks showed a lack of direction on Wednesday, bouncing back and forth across the unchanged line before ending modestly higher.
The Dow added 45.85 points or 0.17 percent to end at 26,833.95, while the NASDAQ rose 15.50 points or 0.19 percent to 8,119.79 and the S&P 500 rose 8.53 points or 0.28 percent to 3,004.52.
The choppy trading on Wall Street came as traders digested soft earnings news from big-name companies like Boeing (BA), Caterpillar (CAT) and Texas Instruments (TXN).
A lack of major developments on the Brexit and U.S.-China trade deal fronts also kept traders reluctant to make more significant moves.
Crude oil futures rose sharply and settled at a one-month high on Wednesday after data showed an unexpected decline in crude inventories in the U.S. last week. West Texas Intermediate Crude oil futures for December ended up $1.49 or 2.7 percent at $55.97 a barrel.
Closer to home, Hong Kong will release September data for imports, exports and trade balance later today. In August, imports were worth HKD380.78 billion and exports were at HKD352.73 billion for a trade deficit of HKD28.05 billion.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.