Markets

Hong Kong Market May Find Renewed Support

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(RTTNews.com) – The Hong Kong stock market on Tuesday ended the five-day winning streak in which it had surged more than 800 points or 3 percent. The Hang Seng Index now rests just above the 27,765-point plateau, although it may bounce higher again on Wednesday.

The global forecast for the Asian markets suggests mild upside, although the gains may be capped by weakness from crude oil prices. The European markets were down and the U.S. markets were up – and the Asian bourses are tipped to follow the latter lead.

The Hang Seng finished modestly lower on Tuesday following losses from the oil companies and a mixed bag from the insurers.

Among the actives, AAC Technologies surged 3.07 percent, while Galaxy Entertainment spiked 2.69 percent, China Life tumbled 1.58 percent, Tencent Holdings dropped 0.99 percent, New World Development shed 0.96 percent, China Petroleum and Chemical (Sinopec) lost 0.85 percent, China Resources Land advanced 0.64 percent, CNOOC fell 0.64 percent, BOC Hong Kong dipped 0.25 percent, Lenovo Group was down 0.23 percent, Industrial and Commercial Bank of China collected 0.17 percent and Ping An Insurance added 0.16 percent.

The lead from Wall Street is cautiously optimistic as stocks saw some early pressure on Tuesday before bargain hunting in the afternoon put them in the green.

The Dow added 56.97 points or 0.26 percent to 21,865.37, while the NASDAQ gained 18.87 points or 0.30 percent to 6,301.89 and the S&P was up 2.06 points or 0.08 percent to 2,446.30.

Markets calmed after some initial weakness after North Korea’s missile launch over Japan. President Trump said Tuesday that “all options are on the table” for dealing with North Korea.

The upside was limited as October West Texas Intermediate crude fell 13 cents or 0.3 percent to settle at a more than one-month low of $46.44 a barrel on the New York Mercantile Exchange.

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