Markets

Hong Kong Stock Market Tipped To Find Support On Monday

(RTTNews) - The Hong Kong stock market has finished lower in three straight sessions, sinking more than 550 points or 1.8 percent along the way. The Hang Seng Index now rests just shy of the 28,920-point plateau although it's expected to stop the bleeding on Monday.

The global forecast for the Asian markets is positive in response to U.S. employment data and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The Hang Seng finished slightly lower on Friday following mixed performances from the financials, properties, casinos, technology stocks and oil companies.

For the day, the index slid 47.93 points or 0.17 percent to finish at 28,918.10 after trading between 28,737.97 and 29,023.18.

Among the actives, AAC Technologies advanced 0.78 percent, while AIA Group and Alibaba Health Info both rose 0.41 percent, Alibaba Group fell 0.28 percent, ANTA Sports climbed 1.03 percent, China Life Insurance shed 0.50 percent, China Mengniu Dairy jumped 1.19 percent, China Petroleum and Chemical (Sinopec) added 0.47 percent, China Resources Land skidded 1.39 percent, CITIC was up 0.22 percent, CNOOC lost 0.35 percent, CSPC Pharmaceutical tanked 1.64 percent, Galaxy Entertainment increased 0.24 percent, Hang Lung Properties retreated 1.22 percent, Henderson Land surged 2.19 percent, Hong Kong & China Gas sank 0.83 percent, Industrial and Commercial Bank of China collected 0.80 percent, Longfor gained 0.44 percent, Meituan plummeted 1.69 percent, New World Development declined 1.09 percent, Sands China dropped 0.58 percent, Sun Hung Kai Properties surrendered 1.01 percent, Techtronic Industries plunged 1.88 percent, Xiaomi Corporation tumbled 1.50 percent and WuXi Biologics soared 1.51 percent.

The lead from Wall Street is solid as the major averages opened firmly higher on Friday and picked up steam as the session progressed.

The Dow climbed 179.39 points or 0.52 percent to finish at 34,756.39, while the NASDAQ jumped 199.99 points or 1.47 percent to end at 13.814.49 and the S&P 500 advanced 37.04 points or 0.88 percent to close at 4,229.89. For the week, the Dow rose 0.7 percent, the NASDAQ added 0.5 percent and the S&P rose 0.6 percent.

The strength on Wall Street came after the Labor Department report showed job growth in the U.S. reaccelerated in May but fell short of estimates, while the jobless rate fell to 5.8 percent.

Traders viewed the weaker than expected job growth as a Goldilocks situation, where the economy is expanding but not fast enough to encourage the Federal Reserve to tighten monetary policy.

Crude oil prices moved higher Friday amid rising hopes for increased demand and the recent OPEC decision to gradually increase crude output. West Texas Intermediate Crude oil futures for July ended up $0.81 or 1.2 percent at $69.62 a barrel, the highest settlement since October 2018.

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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