Hong Kong Bourse Likely To Erase Monday's Losses

News, market analysis, investment scam prevention tips and more ✔️ Your source for latest asset management news and information. This magazine is crafted specifically for those who are interested in diving into the global asset management world. (RTTNews) - The Hong Kong stock market on Monday wrote a finish to the two-day winning streak in which it had picked up more than 450 points or 1.5 percent. The Hang Seng Index now sits just above the 28,950-point plateau although it's expected to rebound again on Tuesday. The global forecast for the Asian markets is mostly positive on optimism for earnings - especially tech shares - although coronavirus concerns in India may cap the upside. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow suit. The Hang Seng finished modestly lower on Monday as losses from the financials, properties and technology stocks were mitigated by support from the casinos. For the day, the index sank 125.92 points or 0.43 percent to finish at 28,952.83 after trading between 28,908.65 and 29,238.99. Among the actives, AAC Technologies surrendered 1.12 percent, while AIA Group climbed 1.18 percent, Alibaba Group was up 0.09 percent, Alibaba Health Info added 0.84 percent, ANTA Sports sank 1.02 percent, China Life Insurance dropped 0.89 percent, China Mengniu Dairy plummeted 3.24 percent, China Resources Land skidded 1.49 percent, CITIC lost 0.50 percent, CNOOC eased 0.12 percent, CSPC Pharmaceutical plunged 2.72 percent, Galaxy Entertainment advanced 1.11 percent, Henderson Land was down 0.14 percent, Hong Kong & China Gas slipped 0.16 percent, Industrial and Commercial Bank of China retreated 1.48 percent, Longfor tumbled 1.61 percent, Meituan fell 0.46 percent, New World Development slid 0.24 percent, Sands China jumped 1.48 percent, Sun Hung Kai Properties shed 0.67 percent, Techtronic Industries declined 1.37 percent, Xiaomi Corporation tanked 2.40 percent, WuXi Biologics dipped 0.17 percent and China Petroleum and Chemical (Sinopec) and Hang Lung Properties were unchanged. The lead from Wall Street is mixed to higher as the major averages opened in the green on Monday although the Dow was unable to hold its gains at the end of the day. The Dow slipped 61.92 points or 0.18 percent to finish at 33,981.57, while the NASDAQ jumped 121.97 points or 0.87 percent to end at 14,138.78 and the S&P 500 rose 7.45 points or 0.18 percent to close at 4,187.62. Tech stocks led the markets higher amid optimism ahead of the release of quarterly results from a number of big-name companies later this week. Buying interest was subdued, however, as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to maintain its ultra-easy monetary policy, but traders will be paying close attention to any changes to the accompanying statement that may signal a shift in the near future. In economic news, the Commerce Department said new orders for U.S. manufactured durable goods increased by less than expected in March. Crude oil prices drifted lower on Monday amid continues worries about the outlook for energy demand due to rising coronavirus cases in India. West Texas Intermediate Crude oil futures for June ended lower by $0.23 or 0.4 percent at $61.91 a barrel. Closer to home, Hong Kong will release March figures for imports, exports and trade balance later today. In February, imports were up 17.6 percent on year and exports surged an annual 30.4 percent for a trade deficit of HKD14.7 billion. To keep reading about Hong Kong Bourse Likely To Erase Monday's Losses, Click on the link. Seoul, Korea
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