Hong Kong Stock Market Draws A Red Light For Friday

(RTTNews) - The Hong Kong stock market has alternated between positive and negative finishes through the last 10 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 beneath the 25,265-point plateau although it's likely to find renewed selling pressure on Friday.

The global forecast for the Asian markets is negative on disappointing economic data and sliding oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The Hang Seng finished modestly higher on Thursday following gains from the technology stocks and casinos, while the oil and insurance companies were mixed and the financials and properties were soft.

For the day, the index spiked 205.06 points or 0.82 percent to finish at 25,263.00 after trading between 24,992.37 and 25,346.36.

Among the actives, AAC Technologies skyrocketed 12.92 percent, while Wharf Real Estate plummeted 3.41 percent, Tencent Holdings surged 3.34 percent, WH Group plunged 3.32 percent, China Mengniu Dairy spiked 2.86 percent, Techtronic Industries accelerated 2.26 percent, China Resources Land jumped 1.49 percent, CSPC Pharmaceutical climbed 1.26 percent, AIA Group rallied 1.25 percent, Sun Hung Kai Properties tumbled 1.23 percent. Sino Land gathered 1.19 percent, CNOOC skidded 1.14 percent, China Life Insurance perked 0.97 percent, China Mobile retreated 0.75 percent, China Petroleum and Chemical (Sinopec) declined 0.58 percent, BOC Hong Kong surrendered 0.45 percent, CITIC advanced 0.40 percent, Galaxy Entertainment added 0.39 percent, Henderson Land dropped 0.34 percent, Ping An Insurance sank 0.29 percent, New World Development shed 0.27 percent, Power Assets lost 0.24 percent, Industrial and Commercial Bank of China fell 0.21 percent, Hong Kong & China Gas eased 0.18 percent and Sands China rose 0.16 percent.

The lead from Wall Street is weak as stocks showed a lack of direction on Thursday before moving sharply lower as the day progressed.

The Dow tumbled 353.51 points or 1.31 percent to finish at 26,652.33, while the NASDAQ plunged 244.71 percent or 2.29 percent to end at 10,461.42 and the S&P sank 40.36 points or 1.23 percent to close at 3,235.66.

The weakness on Wall Street followed the release of some disappointing U.S. economic data, including a Labor Department report showing first-time claims for U.S. unemployment benefits increased for the first time in sixteen weeks.

A separate report from the Conference Board showed its reading on leading U.S. economic indicators increased by less than expected in the month of June.

Earlier in the day, the negative sentiment generated was partly offset by news that Senate Republicans and White House negotiators have reached a fundamental agreement on a $1 trillion coronavirus relief bill.

Crude oil futures settled lower Thursday, extending losses from the previous session amid rising concerns over excess supply in the market and the outlook for energy demand. West Texas Intermediate Crude oil futures settled at $41.07 a barrel, losing $0.83 or 2 percent.

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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