Hong Kong stock market expected to rebound


(RTTNews) – The Hong Kong stock market headed south again on Friday, a session after ending a seven-day losing streak in which it fell by more than 1,100 points, or 4.4%. The Hang Seng Index now sits just above the 24,870 point plateau, although it is expected to rebound higher again on Monday.

Global forecasts for Asian markets are firm as they react better than expected to US employment data and the corresponding rise in crude oil prices. European and US markets were up on Friday and Asian markets are expected to open similarly.

The Hang Seng ended sharply lower on Friday following losses at financial and oil companies, while real estate, casino and tech stocks were mixed.

For the day, the index fell 354.68 points or 1.41% to end at 24,870.51 after trading between 24,724.39 and 25,049.37.

Among assets, AIA Group grew 0.64%, while Alibaba Group fell 3.44%, Alibaba Health Info jumped 1.23%, ANTA Sports grew 0.32%, China Life Insurance fell 0.74%, China Mengniu Dairy added 0.62%, China Petroleum and Chemical (Sinopec) slipped 2.09%, China Resources Land lost 1.22%, CITIC lost 1.37 %, CNOOC fell 2.16%, Country Garden fell 2.39%, CSPC Pharmaceutical plunged 3.43%, Galaxy Entertainment gained 0.48%, Hang Lung Properties rebounded 1.02% , Henderson Land jumped 2.98%, Hong Kong & China Gas rose 0.17%, Industrial and Commercial Bank of China fell 1.64%, Li Ning soared 2.48%, Longfor fell 1.75%, Meituan lost 3.22%, Sands China slipped 0.58%, Sun Hung Kai Properties rose 0.39%, Techtronic Industries rose 0.19%, Xiaomi Corporation fell 1.69%, WuXi Biologics fell 2.77%, and AAC Technologies and New World Development remained unchanged.

Wall Street’s lead is firm as major averages opened sharply higher on Friday, faded somewhat as the day progressed but still ended solidly in the green at new highs of record close.

The Dow Jones jumped 203.72 points or 0.56% to close at 36,327.95, while the NASDAQ added 31.28 points or 0.20% to close at 15,971.59 and the S&P 500 a increased 17.47 points or 0.37% to end at 4,697.53. For the week, the NASDAQ climbed 3.1%, the S&P jumped 2% and the Dow Jones gained 1.4%.

Wall Street’s continued strength came after the Labor Department announced that employment in the United States rose more than expected in October.

The Labor Department described job growth as widespread, with notable job gains in recreation and hospitality, professional and business services, manufacturing, transportation and warehousing.

Signals from the Federal Reserve suggesting it is in no rush to raise interest have also continued to generate buying interest even as the central bank begins to cut back on asset purchases.

Crude oil prices showed a strong uptrend on Friday as traders continued to digest the news that OPEC and its allies decided to stick to a plan to increase oil production in such a way. modest and progressive. West Texas Intermediate crude for December delivery jumped $ 2.46 or 3.1% to $ 81.27 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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