Hang Seng late for Thursday support

(RTTNews) – Hong Kong’s stock market has fallen in three consecutive sessions, dropping nearly 600 points or 3% along the way. The Hang Seng is now just above the 19,600 plateau, although bargain hunting is likely to be in order on Thursday.

Global forecasts for Asian markets are optimistic thanks to easing inflation fears. European and US markets were solidly higher and Asian exchanges are expected to open similarly.

The Hang Seng ended sharply lower on Wednesday with damage across the board, especially in the real estate and technology sectors.

For the day, the index fell 392.60 points or 1.96% to end at 19,610.84 after trading between 19,469.11 and 19,956.51.

Among assets, Alibaba Group lost 1.84%, while Alibaba Health Info fell 3.23%, ANTA Sports fell 3.27%, China Life Insurance fell 1.55%, China Mengniu Dairy fell 1.44%, China Petroleum and Chemical (Sinopec) fell 0.54%, China Resources Land fell 1.60%, CITIC lost 0.70%, CNOOC sank 0.93 %, Country Garden fell 5.85%, CSPC Pharmaceutical slipped 2.58%, Galaxy Entertainment fell 1.59%, Hang Lung Properties fell 2.50%, Henderson Land, Hong Kong & China Gas fell 1.35%, Industrial and Commercial Bank of China fell 0.97%, JD.com fell 4.46%, Lenovo fell 2.13%, Li Ning fell 3 .40%, Longfor fell 16.40%, Meituan fell 3.64%, New World Development lost 1.12%, Techtronic Industries weakened 3.12%, Xiaomi Corporation lost 2.04 % and WuXi Biologics plunged 9.26%.

Wall Street’s advance is broadly positive as major averages opened firmly higher on Wednesday and remained that way throughout the day, ending at three-month closing highs.

The Dow Jones jumped 535.10 points or 1.63% to end at 33,309.51, while the NASDAQ jumped 360.88 points or 2.89% to end at 12,854.80 and the S&P 500 jumped 87.77 points or 2.13% to close at 4,210.24.

The rally on Wall Street came after the Labor Department released a report showing US consumer prices fell unexpectedly flat in July.

Weaker-than-expected inflation data has led to speculation that the Federal Reserve may slow the pace of interest rate hikes at its September meeting.

Crude oil prices rose on Wednesday, lifted by data showing a bigger-than-expected drop in U.S. gasoline inventories last week. The weak dollar and increased demand for gasoline also contributed to the surge in oil prices. West Texas Intermediate crude oil futures ended up $1.43 or 1.6% at $91.93 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.

About Virginia Ahn

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