Markets

Hong Kong Stock Market May Find Traction On Monday

(RTTNews) - The Hong Kong stock market has finished lower in two straight sessions, sliding almost 290 points or 1.3 percent along the way. The Hang Seng Index now rests just beneath the 24,600-point plateau although it may halt its slide on Monday.

The global forecast for the Asian markets is upbeat on solid earnings from technology stocks and anticipation for new stimulus measures. The European markets were down on Friday and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The Hang Seng finished modestly lower on Friday as losses from the oil companies and financial shares were tempered by support from the property sector.

For the day, the index sank 115.25 points or 0.47 percent to finish at 24,595.35 after trading between 24,534.79 and 24,938.85.

Among the actives, AAC Technologies surged 3.61 percent, while CNOOC plummeted 2.84 percent, China Petroleum and Chemical (Sinopec) plunged 2.35 percent, Wharf Real Estate tanked 2.14 percent, Galaxy Entertainment spiked 1.73 percent, China Mengniu Dairy tumbled 1.62 percent, Industrial and Commercial Bank of China skidded 1.51 percent, Hang Lung Properties retreated 1.25 percent, CSPC Pharmaceutical jumped 1.25 percent, Techtronic Industries declined 1.22 percent, AIA Group surrendered 1.13 percent, Sino Land climbed 1.08 percent, Sun Hung Kai Properties gathered 1.06 percent, Power Assets perked 1.05 percent, Sands China advanced 1.01 percent, BOC Hong Kong sank 0.92 percent, Hengan International dropped 0.84 percent, Ping An Insurance shed 0.67 percent, New World Development added 0.40 percent, CITIC lost 0.27 percent, China Life Insurance fell 0.22 percent, Tencent Holdings slid 0.19 percent, Hong Kong & China Gas gained 0.18 percent, WH Group eased 0.14 percent and China Mobile and China Resources Land were unchanged.

After considerable volatility, the lead from Wall Street ended up to be positive thanks to a late-day surge on Friday, fueled by gains from the technology stocks.

The Dow added 114.62 points or 0.44 percent to finish at 26,428.32, while the NASDAQ soared 157.47 points or 1.49 percent to end at 10,745 and the S&P 500 rose 24.90 points or 0.77 percent to close at 3,271.12. For the week, The Dow eased 0.2 percent, the NASDAQ surged 3.7 percent and the S&P jumped 1.7 percent.

The higher close on Wall Street partly reflected a positive reaction to better than expected quarterly results from several leading technology companies, including Apple (AAPL), Amazon (AMZN) and Facebook (FB).

The upbeat tech earnings news overshadowed concerns about stalled negotiations over a new coronavirus stimulus package. Lawmakers appear at an impasse as the attempt to reach a compromise between a $1 trillion GOP relief proposal and the $3.4 trillion bill passed by the Democratic-controlled House in May.

In economic news, the Commerce Department said personal income slumped more than expected in June, although there was another substantial increase in personal spending. A separate report from the University of Michigan said consumer sentiment deteriorated more than expected in July.

Crude oil futures closed higher on Friday, buoyed by a report from the U.S. Energy Information Administration that said oil production fell sharply in May. West Texas Intermediate Crude oil futures for September ended up $0.35 or 0.9 percent at $40.27 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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