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(RTTNews) – The Hong Kong stock market has risen in consecutive trading days, rising nearly 140 points or 0.7% along the way. The Hang Seng Index is now just above the 21,725 plateau and is expected to stay in that quarter again on Monday.
The global outlook for Asian markets is gloomy, with easing recession fears being offset by a deteriorating outlook for interest rates. European markets were up and US stock markets were mixed and flat and Asian stock markets should follow the latter lead.
The Hang Seng ended slightly higher on Friday after gains in financial stocks and real estate stocks, while technology companies were mixed.
For the day, the index improved 82.20 points or 0.38% to end at 21,725.78 after trading between 21,614.65 and 21,961.75.
Among assets, AAC Technologies jumped 2.07%, while Alibaba Group jumped 3.68%, Alibaba Health Info fell 1.78%, ANTA Sports gained 1.28%, China Life Insurance collected 0.64%, China Mengniu Dairy fell 1.53%, China Petroleum and Chemical (Sinopec) fell 0.29%, China Resources Land climbed 2.64%, CITIC rose 0.85%, CNOOC gained 0.51%, Country Garden accelerated 2.03%, CSPC Pharmaceutical soared 5.88%, Galaxy Entertainment soared 1.06%, Hang Lung Properties jumped 1.53%, added Henderson Land. 0.52%, Hong Kong & China Gas rose 0.71%, Industrial and Commercial Bank of China rose 0.23%, JD.com fell 0.57%, Li Ning plunged 2, 31%, Meituan slipped 1.08%, New World Development rose 0.37%, Techtronic Industries rose 1.14%, Xiaomi Corporation rose 0.30%, WuXi Biologics fell 3, 26% and Len ovo, Nongfu Spring and CK Infrastructure remained unchanged.
Wall Street’s advance offers little guidance as major averages bounced off the unchanged line on Friday, ultimately ending mixed and little changed.
The Dow Jones lost 46.45 points or 0.15% to end at 31,338.15 million while the NASDAQ rose 14.01 points or 0.12% to end at 11,635.31 and the S&P 500 rose. fell 3.24 points or 0.08% to close at 3,899.38. For the week, the NASDAQ climbed 4.6%, the S&P jumped 1.9% and the Dow Jones rose 0.8%.
The choppy trading on Wall Street followed the release of a closely watched Labor Department report showing stronger-than-expected U.S. job growth in June.
The data eased worries about the economy, but it also added to worries about aggressive interest rate hikes by the Federal Reserve.
Crude oil prices rose on Friday, gaining for a second straight day after the stronger-than-expected jobs report. West Texas Intermediate crude oil futures for August jumped $2.06 or 2% to $104.79 a barrel, but WTI crude futures lost more than 3% during the week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
