The winning streak could continue for the Hong Kong stock market
(RTTNews) – The Hong Kong stock market has risen in consecutive trading days, reaping over 550 points or 2.7% along the way. The Hang Seng is now just above the plateau of 20,175 points and it should open again in the green on Monday.
The global forecast for Asian markets is bullish on optimism for economic growth and lower inflation. European and US markets were firmly higher on Friday and Asian exchanges are expected to open similarly.
The Hang Seng ended slightly higher on Friday after gains in financial stocks and oil companies, while tech stocks were mixed and properties soft.
For the day, the index improved 93.19 points or 0.46% to end at 20,175.62 after trading between 20,011.38 and 20,208.02.
Among assets, Alibaba Group climbed 1.25%, while Alibaba Health Info gained 0.65%, ANTA Sports fell 0.06%, China Life Insurance rose 0.34%, China Mengniu Dairy plunged 1.73%, China Petroleum and Chemical (Sinopec) jumped 1.91%, China Resources Land fell 1.15%, CITIC fell 1.05%, CNOOC climbed 2, 46%, Country Garden climbed 2.82%, CSPC Pharmaceutical fell 1.17%, Galaxy Entertainment rose 0.95%, Hang Lung Properties slipped 0.59%, Henderson Land lost 0, 18%, Hong Kong & China Gas rose 0.62%, Industrial and Commercial Bank of China collected 0.24%, JD.com improved 0.63%, Lenovo fell 0.28% , Li Ning jumped 4.78%, Longfor lost 0.23%, Meituan rose 1.53%, New World Development fell 0.37%. , Techtronic Industries fell 2.33%, Xiaomi Corporation added 0.66% and WuXi Biologics fell 1.53%.
Wall Street’s advance is broadly positive as major averages opened higher on Friday and accelerated as the session progressed, ending near daily highs.
The Dow Jones jumped 424/35 points or 1.27% to end at 33,761.05, while the NASDAQ jumped 267.29 points or 2.09% to end at 13,047.19 and the S&P 500 jumped 72.88 points or 1.73% to close at 4,280.15.
For the week, the S&P 500 climbed 3.3% for its fourth straight weekly gain, while the NASDAQ climbed 3.1% and the Dow Jones 2.9%.
Optimism that inflation has peaked contributed to continued strength on Wall Street after softer-than-expected readings last week on consumer and producer prices.
Adding to positive inflation sentiment, the Labor Department said U.S. import prices fell more than expected in July. Buyer interest was also generated by a report from the University of Michigan showing that US consumer sentiment improved much more than expected in August.
Crude oil prices fell sharply on Friday after the Organization of the Petroleum Exporting Countries (OPEC) lowered its oil demand forecast for 2022. West Texas Intermediate crude oil futures for September ended lower $2.25 or 2.4% to $92.09 per barrel. For the week, WTI rose 3.5%.
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