Little Movement Predicted For Hong Kong Shares
(RTTNews) - The Hong Kong stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day losing streak in which it had stumbled nearly 200 points or 0.8 percent. The Hang Seng Index remains just above the 26,680-point plateau and it's likely to remain rangebound again on Wednesday.
The global forecast for the Asian markets suggests mild upside on expectations of further stimulus. The European markets were up and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.
The Hang Seng finished barely higher on Tuesday following gains from the casinos, financials and oil companies.
For the day, the index picked up 2.28 points or 0.01 percent to finish at 26,683.68 after trading between 26,634.47 and 26,870.77.
Among the actives, Techtronic Industries plummeted 2.48 percent, while AAC Technologies plunged 2.35 percent, CITIC surged 2.27 percent, China Petroleum and Chemical (Sinopec) soared 2.14 percent, Sands China spiked 1.73 percent, Ping An Insurance tumbled 1.55 percent, CNOOC jumped 1.16 percent, WH Group skidded 1.16 percent, China Mengniu Dairy dropped 1.15 percent, Sino Land climbed 1.03 percent, Galaxy Entertainment advanced 0.95 percent, Henderson Land sank 0.93 percent, Tencent Holdings shed 0.64 percent, New World Development added 0.59 percent, Industrial and Commercial Bank of China collected 0.58 percent, China Life Insurance gained 0.42 percent, CSPC Pharmaceutical lost 0.39 percent, BOC Hong Kong rose 0.37 percent, China Mobile was up 0.30 percent, Hong Kong & China Gas perked 0.13 percent and AIA Group was unchanged.
The lead from Wall Street continues to be murky as stocks saw another lackluster performance on Tuesday, eventually closing mixed and roughly flat for the third consecutive session.
The Dow added 73.92 points or 0.28 percent to 26,909.43, while the NASADQ fell 3.28 points or 0.04 percent to 8,084.16 and the S&P 500 rose 0.96 points or 0.03 percent to 2,979.39.
The early weakness on Wall Street reflected uncertainty ahead of the European Central Bank's monetary policy decision on Thursday as well as next week's Federal Reserve meeting. Both the ECB and the Fed are expected to cut interest rates in reaction to indications of a global slowdown.
The weaker than expected jobs data released last Friday raised concerns about the economic outlook but also reinforced expectations of another interest rate cut by the Fed next week.
Crude oil prices edged lower on Tuesday, with traders taking profits after recent strong gains and looking ahead to weekly inventory reports. West Texas Intermediate Crude oil futures for October were down $0.45 or 0.8 percent at $57.40 a barrel.
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