Hong Kong stock market may test resistance at 22,000 points

(RTTNews) – The Hong Kong stock market has climbed higher in consecutive trading days, reaping over 700 points or 3.4% along the way. The Hang Seng Index is now just below the plateau of 21,720 points and it could now add to its gains again on Monday.

Global forecasts for oversold Asian markets are broadly positive, with the oil, technology and financials sectors expected to lead the way higher. European and American markets were up and Asian exchanges are expected to open similarly.

The Hang Seng ended sharply higher on Friday after gains in financials, real estate, technology and oil stocks.

For the day, the index jumped 445.19 points or 2.09% to end at 21,719.06 after trading between 21,408.66 and 21,762.67.

Among assets, AAC Technologies jumped 3.28%, while Alibaba Group jumped 5.46%, Alibaba Health Info accelerated 4.62%, ANTA Sports jumped 6.47%, China Life Insurance lost 0.45%, China Mengniu Dairy rose 2.84%, China Resources Land rose 0.85%. , CITIC was down 0.13%, CNOOC was down 1.40%, Country Garden was up 2.04%, CSPC Pharmaceutical was up 2.63%, Galaxy Entertainment was up 3.07%, Hang Lung Properties was up rose 0.42%, Henderson Land rose 0.17%, Hong Kong & China Gas rose 1.45%. %, JD.com gained 2.55%, Lenovo improved 1.50%, Li Ning climbed 4.88%, Meituan gained 2.86%, New World Development increased 0.54 %, Techtronic Industries rose 3.74%, Xiaomi Corporation rose 3.21%, WuXi Biologics soared 10.36%. and China Petroleum and Chemical (Sinopec) and Industrial and Commercial Bank of China remained unchanged.

Wall Street’s advance is bullish as the major averages opened sharply higher on Friday and remained that way throughout the trading day.

The Dow Jones jumped 823.28 points or 2.68% to end at 31,500.68, while the NASDAQ gained 375.42 points or 3.34% to end at 11,607.62 and the S&P 500 rose. jumped 116.01 points or 3.06% to close at 3,911.74.

For the holiday-shortened week, the NASDAQ climbed 7.5%, while the S&P 500 and Dow Jones climbed 6.4% and 5.4%, respectively.

Traders continue to express concerns about inflation, interest rates and a possible recession, but may feel that the selloff at the start of the month was overdone.

On the US economic front, the Commerce Department unexpectedly reported a significant rebound in new home sales in May. Additionally, the University of Michigan said consumer confidence in the United States fell more than expected in June.

Crude oil prices rose sharply on Friday on optimism about continued strong energy demand and tight supply. West Texas Intermediate crude oil futures for August ended up $3.35 or 3.2% at $107.62 a barrel. WTI futures lost 1.8% during the week.

Closer to home, Hong Kong will provide May figures for imports, exports and trade balance later today. In April, imports rose 2.1 percent year-on-year, exports rose 1.1 percent year-on-year, and the trade deficit stood at HKD 36.6 billion.

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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