Hong Kong Stock Market May Be Stuck In Neutral On Tuesday Edit My Quotes
(RTTNews) - The Hong Kong stock market has moved higher in back-to-back trading days, advancing almost 800 points or 3.3 percent along the way. The Hang Seng Index now sits just beneath the 24,580-point plateau although it's expected to run out of steam on Tuesday.
The global forecast for the Asian markets is mixed to lower on sliding oil prices and profit taking among the technology stocks. The European markets were up and the U.S. bourses were mostly lower and the Asian markets figure to follow the latter lead.
The Hang Seng finished slightly higher on Monday following gains from the oil companies and casinos, weakness from the properties and a mixed picture from the technology stocks.
For the day, the index rose 6.26 points or 0.03 percent to finish at 24,579.55 after trading between 24,365.89 and 24,616.50.
Among the actives, Alibaba Group plummeted 4.49 percent, while CNOOC surged 4.21 percent, AAC Technologies plunged 3.29 percent, JD.com soared 2.60 percent, Longfor tanked 2.13 percent, China Petroleum & Chemical (Sinopec) spiked 1.69 percent, China Mengniu Dairy tumbled 1.49 percent, Alibaba Health jumped 1.46 percent, WuXi Biologics rallied 1.32 percent, Industrial and Commercial Bank of China climbed 1.26 percent, CSPC Pharmaceutical retreated 1.25 percent, Xiaomi Corporation declined 1.21 percent, Hang Lung Properties skidded 1.07 percent, ANTA Sports advanced 0.89 percent, Galaxy Entertainment added 0.87 percent, China Life collected 0.86 percent, CITIC gained 0.80 percent, Li Ning sank 0.74 percent, Hong Kong & China Gas dropped 0.49 percent, Meituan shed 0.44 percent, Techtronic Industries lost 0.43 percent, New World Development and CK Infrastructure both fell 0.31 percent, Henderson Land slid 0.29 percent, China Resources Land was down 0.26 percent, Country Garden rose 0.10 percent and AIA Group was up 0.06 percent.
The lead from Wall Street ends up negative as the markets opened mixed on Monday, saw wild swings on either side of the unchanged line before finally ending mostly lower.
The Dow rose 1.39 points or 0.00 percent to finish at 35,091.13, while the NASDAQ sank 82.34 points or 0.58 percent to close at 14,015.67 and the S&P 500 slipped 16.66 points or 0.37 percent to end at 4,483.87.
Shares of Facebook parent Meta Platforms fell more than 5 percent on reports that a company has threatened to remove the social media platform from the European Union. Microsoft, Merck, Walmart and Salesforce.com also ended notably lower.
Boeing rallied more than 2.5 percent, while Tyson Foods, Chevron, American Express, Walgreens Boots Alliance, Coca-Cola and Caterpillar also closed on a positive note.
Crude oil futures retreated Monday amid signs that nuclear talks between the U.S. and Iran are moving in a positive way, so there could be a removal of U.S. sanctions on Iranian oil sales. West Texas Intermediate Crude oil futures for March ended lower by $0.99 or 1.1 percent at $91.32 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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