Hong Kong’s stock market is expected to head south again on Tuesday
(RTTNews) – The Hong Kong stock market ended a three-day decline on Monday in which it had fallen more than 750 points or 3.8%. The Hang Seng Index now sits just above the 20,160 plateau, although it is eyeing a soft restart on Tuesday.
Global forecasts for Asian markets suggest slight consolidation amid concerns over growth and falling oil prices. European and American markets were down slightly and Asian stock exchanges should follow suit.
The Hang Seng finished barely higher on Monday after mixed performance from oil and technology stocks, while properties were down.
For the day, the index rose 9.33 points or 0.05% to end at 20,165.84 after trading between 19,883.92 and 20,251.43. Among assets, Alibaba Group fell 3.76%, while Alibaba Health Info lost 0.85%, ANTA Sports added 0.58%, China Life Insurance fell 0.51%, China Mengniu Dairy fell 1.10%, China Resources Land fell 1.22%, CITIC lost 0.59%, CNOOC and Hengan International both rose 0.40%, Country Garden fell 9.95% , CSPC Pharmaceutical fell 2.21%, Galaxy Entertainment fell 0.86%, Hang Lung Properties plunged 5.60%, Henderson Land fell 0.37%, Hong Kong & China Gas fell 1 .09%, JD .com gained 0.51%, Lenovo fell 1.92%, Li Ning jumped 2.83%, Longfor jumped 1.72%, Meituan climbed 2.10%, New World Development fell 0.19%, Techtronic Industries fell 0.06%, Xiaomi Corporation fell 1.62%, WuXi Biologics fell 1.01%. percent and China Petroleum and Chemical (Sinopec) and Industrial and Commercial Bank of China remained unchanged.
Wall Street’s advance ended up slightly negative as the major averages opened lower on Monday and bounced off the unchanged line before finally ending slightly in the red.
The Dow Jones lost 45.95 points or 0.14% to end at 32,799.18, while the NASDAQ fell 21.71 points or 018% to close at 12,368.98 and the S&P 500 fell by 11.67 points or 0.28% to end at 4,118.62.
Concerns about slowing growth weighed on sentiment, but fairly encouraging corporate earnings updates helped limit the market’s decline.
Additionally, investors are eagerly awaiting crucial nonfarm payrolls data due later in the week.
In economic news, the S&P Global US Manufacturing PMI was revised down slightly in July, while the Commerce Department said US construction spending fell more than expected in June. Additionally, the Institute for Supply Management’s manufacturing PMI fell slightly in July, but not as much as expected.
Crude oil prices fell sharply on Monday on worries about the outlook for energy demand and ahead of this week’s OPEC+ meeting. West Texas Intermediate crude oil futures for September ended down $4.73 or 4.8% at $93.89 a barrel. Closer to home, Hong Kong will release June retail sales figures later today; in May, sales fell 4.9% year on year.
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