Losses May Accelerate For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market on Tuesday ended the six-day winning streak in which it had surged more than 760 points or 3.3 percent. The Hang Seng Index now rests just beneath the 24,790-point plateau and it's tipped to open in the red again on Wednesday.

The global forecast is mostly negative on continued concerns about the resurgence of the coronavirus and the growing unlikelihood of any stimulus to counter it. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the former lead.

The Hang Seng finished modestly lower on Tuesday following losses from the properties and oil and insurance companies.

For the day, the index shed 131.59 points or 0.53 percent to finish at 24,787.19 after trading between 24,602.11 and 24,872.52.

Among the actives, China Resources Land plummeted 5.15 percent, while China Life Insurance plunged 4.40 percent, CNOOC tanked 4.04 percent, Industrial and Commercial Bank of China tumbled 3.98 percent, Xiaomi Corporation skidded 3.43 percent, Hang Lung Properties retreated 3.34 percent, WuXi Biologics spiked 2.84 percent, AIA Group and Henderson Land both declined 2.24 percent, Techtronic Industries surrendered 2.17 percent, AAC technologies sank 1.98 percent, Ping An Insurance dropped 1.91 percent, China Petroleum and Chemical (Sinopec) shed 1.87 percent, CITIC lost 1.86 percent, Sands China fell 1.70 percent, China Mengniu Dairy slid 1.54 percent, CSPC Pharmaceutical dipped 1.52 percent, WH Group slipped 1.42 percent, China Mobile sank 1.18 percent, Galaxy Entertainment dropped 1.01 percent, New World Development lost 0.79 percent, Power Assets fell 0.74 percent. BOC Hong Kong collected 0.68 percent, Alibaba Group advanced 0.67 percent, Wharf Real Estate added 0.64 percent and Hong Kong & China Gas gained 0.35 percent.

The lead from Wall Street is inconclusive as stocks turned in a mixed performance on Tuesday and ended on opposite sides of the unchanged line.

The Dow dropped 222.19 points or 0.80 percent to finish at 27,463.19, while the NASDAQ gained 72.41 points or 0.64 percent to end at 11,431.35 and the S&P 500 sank 10.29 points or 0.20 percent to close at 3,390.68.

The ragged trade on Wall Street came on concerns about the recent spike in coronavirus cases as well as growing uncertainty about the prospects for a new stimulus bill.

Traders were also reacting to mixed economic data, with separate reports showing a jump in durable goods orders and an unexpected dip in consumer confidence.

Crude oil prices moved higher Tuesday, lifted by reports about evacuation of over 150 offshore facilities along the U.S. Gulf Coast due to Hurricane Zeta. West Texas Intermediate Crude oil futures for December ended higher by $1.01 or 2.6 percent at $39.57 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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