Bargain hunting could boost Hong Kong stock market

(RTTNews) – The Hong Kong stock market ended lower in four straight sessions, dropping nearly 1,000 points or 4.8% along the way. The Hang Seng index is now just above the 20,750 plateau, although it should be supported on Friday.

The global outlook for Asian markets is mixed on the downside due to lingering concerns over inflation, recession and interest rates. European and US markets were mostly down and Asian exchanges are expected to follow suit.

The Hang Seng ended slightly lower on Thursday as losses in financial, real estate and oil companies were tempered by support from tech stocks.

For the day, the index lost 46.74 points or 0.22% to end at 20,751.21 after trading between 20,554.15 and 20,888.80.

Among assets, AAC Technologies climbed 3.75%, while Alibaba Group climbed 1.21%, Alibaba Health Info rose 2.70%, ANTA Sports fell 0.53%, China Life Insurance fell 1.48%, China Mengniu Dairy lost 0.39%, China Petroleum and Chemical (Sinopec) and Hang Lung Properties both slipped 0.86%, China Resources Land fell 3.28% , CITIC gained 0.62%, CNOOC fell 1.15%, Country Garden fell 2.17%, CSPC Pharmaceutical climbed 4.64%, Galaxy Entertainment added 0.77%, Henderson Land added fell 1.58%. , Hong Kong & China Gas fell 0.84%, Industrial and Commercial Bank of China plunged 2.41%, jumped 2.69%, Lenovo gained 1.99%, Li Ning fell 1.54%, Meituan rose 1.11%, New World Development fell 1.30%, Techtronic Industries rose 0.18%, Xiaomi Corporation fell 0.16%, WuXi Biologics jumped 4.88% and CK In structure remained unchanged.

Wall Street’s lead is mixed and flat as the major averages shrugged off a sharply lower open on Thursday, improving as the day progressed and ending little changed on opposite sides of the line.

The Dow Jones lost 142.62 points or 0.46% to end at 30,630.17, while the NASDAQ rose 3.60 points or 0.03% to close at 11,251.19 and the S&P 500 rose. slipped 11.40 points or 0.30% to end at 3,790.38.

Wall Street’s early weakness reflected disappointing results from financial giants JPMorgan Chase (JPM) and Morgan Stanley (MS), both of which missed expectations.

Worries about inflation and rising interest rates also continued to weigh on markets after the Labor Department reported that U.S. producer prices rose more than expected in June.

Another report from the Labor Department showed that initial jobless claims in the United States rose unexpectedly last week.

Crude oil prices fell on Thursday as worries about the outlook for energy demand resurfaced amid fears of a possible recession due to rising interest rates. West Texas Intermediate crude oil futures for August ended down $0.52 or 0.5% at $95.78 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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