Markets

Hong Kong Stock Market Has Firm Lead

(RTTNews) - The Hong Kong stock market on Friday ended the two-day slide in which it had fallen more than 570 points or 2.2 percent. The Hang Seng Index now rests just above the 25,110-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is upbeat on firm economic data from the United States. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The Hang Seng finished sharply higher on Friday following gains from the casinos, property stocks and oil and insurance companies.

For the day, the index spiked 322.44 points or 1.30 percent to finish at 25,113.84 after trading between 24,885.86 and 25,178.79.

Among the actives, Sands China skyrocketed 6.54 percent, while Galaxy Entertainment surged 6.22 percent, AIA Group soared 4.02 percent, Wharf Real Estate spiked 3.68 percent, Henderson Land accelerated 2.85 percent, Techtronic Industries jumped 2.57 percent, Hengan International plummeted 2.42 percent, China Resources Land climbed 2.21 percent, AAC Technologies tumbled 2.00 percent, Tencent Holdings gathered 1.97 percent, Hong Kong & China Gas perked 1.64 percent, China Mobile rallied 1.39 percent, CITIC advanced 1.35 percent, CSPC Pharmaceutical added 1.02 percent, China Petroleum and Chemical (Sinopec) gained 0.86 percent, WH Group rose 0.74 percent, Industrial and Commercial Bank of China sank 0.43 percent, Ping An Insurance increased 0.42 percent, Power Assets Holdings rose 0.34 percent, China Mengniu Dairy added 0.29 percent, BOC Hong Kong collected 0.23 percent, China Life Insurance gained 0.21 percent and CNOOC was up 0.11 percent.

The lead from Wall Street is positive as stocks spent most of Friday in the green, picking up steam as the day progressed.

The Dow jumped 190.60 points or 0.69 percent to finish at 27,930.33, while the NASDAQ added 46.85 points or 0.42 percent to end at 11,311.80 and the S&P 500 rose 11.65 points or 0.34 percent to close at 3,397.16. For the week, the Dow was flat, the NASDAQ soared 2.7 percent and the S&P gained 0.7 percent.

The strength on Wall Street came after IHS Markit said U.S. business activity expanded at the fastest pace in over a year in August. Also, the National Association of Realtors said existing home sales in the U.S. continued to soar in July.

Significant strength was also visible among computer hardware stocks. Apple (AAPL) helped to lead the sector higher, with the tech giant surging 5.2 percent to a new record closing high.

Oil prices tumbled on Friday as the latest Euro zone flash purchasing managers' index for August dented hopes of a V-shaped recovery from the bloc's deepest economic downturn on record. West Texas Intermediate (WTI) crude futures were down 46 cents or 1.08 percent at $42.27.

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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