Markets

Rebound Predicted For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market on Tuesday halted the two-day winning streak in which it had advanced more than 110 points or 0.4 percent. The Hang Seng Index now rests just beneath the 26,040-point plateau although it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets is positive on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished modestly lower on Tuesday following mixed performances from the financials and properties, while the casinos and oil companies offered support.

For the day, the index lost 93.76 points or 0.36 percent to finish at 26,038.27 after trading between 25,905.08 and 26,234.94.

Among the actives, AAC Technologies climbed 1.46 percent, while AIA Group dropped 0.77 percent, Alibaba Group tumbled 2.59 percent, Alibaba Health Info plummeted 10.88 percent, ANTA Sports surrendered 1.86 percent, Bank of Communications eased 0.64 percent, China Construction Bank was down 0.55 percent, China Life Insurance fell 0.42 percent, China Mengniu Dairy slid 0.32 percent, China Petroleum and Chemical (Sinopec) gained 0.52 percent, China Resources Land plunged 6.73 percent, CITIC rallied 0.88 percent, CNOOC skidded 1.15 percent, Country Garden declined 1.46 percent, CSPC Pharmaceutical and Industrial and Commercial Bank of China both dipped 0.23 percent, Galaxy Entertainment jumped 1.55 percent, Hang Lung Properties added 0.66 percent, Henderson Land sank 0.92 percent, Hong Kong & China Gas advanced 0.68 percent, HSBC was up 1.71 percent, Li Ning soared 4.31 percent, Longfor tanked 2.81 percent, Meituan retreated 1.32 percent, New World Development lost 0.44 percent, Sands China surged 4.54 percent, Sun Hung Kai Properties shed 0.58 percent, Techtronic Industries spiked 2.64 percent and WuXi Biologics accelerated 1.95 percent.

The lead from Wall Street suggests mild upside as the major averages opened solidly higher on Tuesday but faded as the day progressed, finishing only with slight gains.

The Dow added 15.73 points or 0.04 percent to finish at 35,756.88, while the NASDAQ rose 9.01 points or 0.06 percent to close at 15,235.71 and the S&P 500 gained 8.31 points or 0.18 percent to end at 4,574.79.

The early strength on Wall Street reflected a positive reaction to the latest batch of earnings news from several big-name companies such as UPS (UPS) and General Electric (GE).

Positive sentiment may also have been generated in reaction to a report from the Commerce Department showing new home sales in the U.S. skyrocketed in September. A separate report from the Conference Board showed consumer confidence reversed a three-month downward trend in October amid easing concerns about the Delta variant of the coronavirus.

Crude oil futures settled higher Tuesday, recovering from early losses amid increasing signs of a supply shortage and higher demand for oil. West Texas Intermediate Crude oil futures for December ended higher by $0.89 or 1.1 percent at $84.65 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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