Stock Market – Additional Upside Seen For Hong Kong Stock Market
(RTTNews) – The Hong Kong stock market on Monday wrote a end to the three-day shedding streak during which it had slipped nearly 150 factors or 0.6 p.c. The Cling Seng Index now rests simply above the 26,380-point plateau and it is tipped to increase its good points on Tuesday.
The worldwide forecast for the Asian markets is upbeat on encouraging information a few doable Covid-19 vaccine. The European and U.S. markets had been firmly larger and the Asian bourses are additionally anticipated to open within the inexperienced.
The Cling Seng completed modestly larger on Monday as good points from the casinos and oil and insurance coverage firms had been capped by weak spot from the financials and properties.
For the day, the index jumped 224.81 factors or 0.86 p.c to complete at 26,381.67 after buying and selling between 26,191.54 and 26,394.40.
Among the many actives, WuXi Biologics skyrocketed 5.70 p.c, whereas Xiaomi surged 3.92 p.c, Galaxy Leisure soared 3.88 p.c, China Sources Land plummeted 3.71 p.c, China Cellular soared 3.70 p.c, Sands China spiked 3.50 p.c, Techtronic Industries accelerated 3.35 p.c, AIA Group jumped 3.19 p.c, Wharf Actual Property climbed 3.10 p.c, AAC Applied sciences tanked 2.78 p.c, China Life Insurance coverage gathered 2.06 p.c, China Petroleum and Chemical (Sinopec) perked 1.70 p.c, CNOOC superior 1.64 p.c, CSPC Pharmaceutical tumbled 1.56 p.c, Alibaba skidded 1.17 p.c, CITIC added 0.97 p.c, New World Improvement dropped 0.87 p.c, Ping an Insurance coverage gained 0.87 p.c, China Mengniu Dairy rose 0.61 p.c, Industrial and Business bank of China sank 0.43 p.c, BOC Hong Kong misplaced 0.42 p.c, Hong Kong & China Fuel improved 0.33 p.c, WH Group was up 0.15 p.c, Solar Hing Kai properties fell 0.10 p.c and Energy Belongings Holdings was unchanged.
The lead from Wall Street is optimistic as opened larger on Monday and remained within the inexperienced all through the session, extending Friday’s good points.
The Dow surged 470.63 factors or 1.60 p.c to complete at 29,950.44, whereas the NASDAQ jumped 94.84 factors or 0.80 p.c to finish at 11,924.13 and the S&P 500 added 41.76 factors or 1.16 p.c to shut at 3,626.91.
The power on Wall Street adopted extra upbeat information on the coronavirus vaccine entrance, with Moderna (MRNA) reporting optimistic outcomes from a trial of its vaccine candidate that confirmed an efficacy of 94.5 p.c.
In financial information, the Federal Reserve Bank of New York stated New York manufacturing exercise unexpectedly expanded at a slower price in November.
Crude oil costs surged larger Monday due to encouraging stories on Covid-19 vaccine and an improved vitality demand outlook. West Texas Intermediate Crude oil futures for December ended up $1.21 or Three p.c at $41.34 a barrel.
Nearer to residence, Hong Kong will see October numbers for unemployment later in the present day; in September, the jobless price was 6.four p.c.
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Tag: Stock Market