The oversold Hang Seng was nevertheless revised lower on Wednesday

(RTTNews) – The Hong Kong stock market has fallen in consecutive sessions, dropping almost 900 points or 4.4% along the way. The Hang Seng index is now just below the 20,850 plateau and is eyeing another soft start on Wednesday.

Global forecasts for Asian markets suggest consolidation on renewed fears for the economy over a resurgence of Caovid-19. European markets were up and US stock markets were down and Asian markets should follow the latter lead.

The Hang Seng ended sharply lower on Tuesday after losses in financials, real estate and technology stocks.

For the day, the index plunged 279.46 points or 1.32% to end at 20,844.74 after trading between 20,779.59 and 21,084.09.

Among assets, AAC Technologies and Alibaba Health Info fell 3.39%, while Alibaba Group fell 5.44%, ANTA Sports jumped 2.82%, China Life Insurance fell 0.65 %, China Mengniu Dairy lost 0.53%, China Petroleum and Chemical (Sinopec) gained. 0.29%, China Resources Land fell 0.42%, CITIC fell 0.61%, CNOOC fell 0.41%, Country Garden plunged 4.57%, CSPC Pharmaceutical added 0, 48%, Galaxy Entertainment and Xiaomi Corporation both fell 1.55%, Hang Lung Properties fell 1.54%, Henderson Land rose 0.18%, Hong Kong & China Gas fell 1.06 %, Industrial and Commercial Bank of China slipped 0.71%, JD.com fell 1.79%, Lenovo fell 0.56%, Li Ning lost 0.51%, Meituan fell 1.98%, New World Development fell 0.37%, Techtronic Industries fell 1.45% and WuXi Biologics cratered 2.86%.

Wall Street’s lead is negative as the major averages opened higher on Tuesday, but a late fall pushed them into the red at the close.

The Dow Jones lost 192.51 points or 0.62% to end at 30,981.51, while the NASDAQ fell 107.87 points or 0.95% to end at 11,264.73 and the S&P 500 lost 35.63 points or 0.92% to close at 3,818.80.

Wall Street’s late-day weakness came as traders eagerly awaited the Labor Department’s consumer price inflation report for June.

Concerns about the emergence of a new, more infectious strain of Covid-19 in several parts of the world also continued to loom.

Investors also appeared to be pulling money out of stocks ahead of what some expect will be a tough quarterly earnings season.

The price of crude oil fell on Tuesday on worries about the outlook for global demand amid fears of recession and a new surge in Covid-19 cases. West Texas Intermediate for August delivery fell $8.25 or 7.9% to $95.84 a barrel, closing below $100 a barrel for the first time in two months.

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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