Losing Streak May End For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market has moved lower in three straight sessions, sliding almost 430 points or 1.9 percent along the way. The Hang Seng Index now rests just beneath the 24,460-point plateau although it may halt its slide on Tuesday.
The global forecast for the Asian markets is broadly positive on strong economic data and continued support from technology stocks. The European and U.S. markets were firmly in the green and the Asian bourses are tipped to open in similar fashion.
The Hang Seng finished modestly lower on Monday following losses from the financial shares, property stocks and oil companies.
For the day, the index dropped 137.22 points or 0.56 percent to finish at 24,458.13 after trading between 24,250.98 and 24,647.28.
Among the actives, Hang Seng Bank plummeted 2.87 percent, while Hang Lung Properties plunged 2.73 percent, BOC Hong Kong tanked 2.08 percent, WH Group surged 2.03 percent, China Mobile spiked 1.51 percent, Sino Land tumbled 1.38 percent, Sands China and AIA Group both skidded 1.00 percent, Ping An Insurance retreated 0.97 percent, Tencent Holdings jumped 0.94 percent, CITIC declined 0.69 percent, Galaxy Entertainment and Industrial and Commercial Bank of China both surrendered 0.66 percent, CSPC Pharmaceutical sank 0.62 percent, CNOOC dropped 0.61 percent, AAC Technologies advanced 0.49 percent, New World Development shed 0.40 percent, Wharf Real Estate lost 0.36 percent, China Petroleum and Chemical (Sinopec) fell 0.30 percent, Techtronic Industries slid 0.25 percent, China Life Insurance added 0.22 percent, Hong Kong & China Gas dipped 0.18 percent, China Resources Land slipped 0.15 percent, China Mengniu Dairy was down 0.14 percent and Power Assets Holdings eased 0.12 percent.
The lead from Wall Street is solid as stocks moved mostly higher on Monday, with the tech-heavy NASDAQ hitting a fresh record closing high.
The Dow jumped 236.08 points or 0.89 percent to finish at 26,664.40, while the NASDAQ spiked 157.52 points or 1.47 percent to end at 10,902.80 and the S&P 500 rose 23.49 points or 0.72 percent to close at 3,294.61.
Technology stocks saw continued strength on the day after moving sharply higher last Friday on largely upbeat earnings news - particularly Microsoft (MSFT) and Apple (AAPL).
Adding to the positive sentiment, the Institute for Supply Management reported a bigger than expected acceleration in the pace of growth in U.S. manufacturing activity in July - which came on the heels of upbeat readings on manufacturing in China and Europe.
Crude oil prices moved higher on Monday as encouraging economic data from the U.S., the Eurozone and China helped ease concerns about energy demand. West Texas Intermediate Crude oil futures for September settled at $41.01 a barrel, gaining $0.74 or 1.8 percent.
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