Baba Stock – Hong Kong Bourse May Snap Losing Streak
(RTTNews) – The Hong Kong stock market has finished lower in four straight sessions, sinking more than 680 points or 2.3 percent along the way. The Hang Seng Index now rests just shy of the 28,790-point plateau although it’s due for support on Tuesday.
The global forecast for the Asian markets suggests directionless trade amidst a lack of catalysts, with weakness from the oil stocks offset by gains from technology shares. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.
The Hang Seng finished modestly higher on Monday following gains from the properties and oil companies, weakness from the casinos and a mixed picture from the technology stocks.
For the day, the index shed 130.82 points or 0.45 percent to finish at 28,787.28 after trading between 28,615.61 and 29,003.99.
Among the actives, AAC Technologies surged 6.18 percent, while AIA Group shed 0.61 percent, Alibaba Group gathered 0.86 percent, Alibaba Health Info plummeted 4.78 percent, ANTA Sports climbed 1.40 percent, China Mengniu Dairy surrendered 1.01 percent, China Petroleum and Chemical (Sinopec) rose 0.23 percent, China Resources Land gained 0.28 percent, CITIC increased 0.11 percent, CNOOC soared 2.35 percent, CSPC Pharmaceutical spiked 2.16 percent, Galaxy Entertainment tumbled 2.12 percent, Hang Lung Properties added 1.24 percent, Henderson Land jumped 1.47 percent, Hong Kong & China Gas tanked 2.74 percent, Industrial and Commercial Bank of China sank 0.99 percent, Longfor retreated 1.43 percent, Meituan dropped 0.73 percent, New World Development advanced 1.34 percent, Sands China skidded 1.89 percent, Sun Hung Kai Properties perked 0.85 percent, Techtronic Industries was up 0.07 percent, Xiaomi Corporation plunged 4.06 percent, WuXi Biologics declined 1.24 percent and China Life Insurance was unchanged.
The lead from Wall Street is inconsistent as the major averages quickly headed south on Monday; the Dow and the S&P saw the losses accelerate as the day progressed, while the NASDAQ ended up in positive territory.
The Dow dropped 126.15 points or 0.36 percent to finish at 34,630.24, while the NASDAQ gained 67.23 points or 0.49 percent to end at 13,881.72 and the S&P 500 fell 3.37 points or 0.08 percent to close at 4,226.52.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves after the major averages climbed to their best closing levels in a month last week.
Traders remain optimistic about the economic outlook but are still on edge about the possibility of the Federal Reserve scaling back its ultra-easy monetary policy.
Crude oil prices drifted lower Monday, coming off 30-month highs after data showed a drop in China’s crude oil imports in April. West Texas Intermediate Crude oil futures for July ended down by $0.39 or 0.6 percent at $69.23 a barrel.
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