Hong Kong Stock Exchange Expected to Open in the Red
(RTTNews) – The Hong Kong stock market ended a two-day losing streak on Tuesday in which it fell more than 450 points, or 1.8%. The Hang Seng Index now sits just above the 24,810 point plateau, although it believes it sees further selling pressure on Wednesday. Global forecasts for Asian markets suggest a slight consolidation after several days of gains, although crude oil price support should limit the decline. European and US markets were down slightly and Asian markets are expected to open similarly. The Hang Seng ended slightly higher on Tuesday after gains in tech stocks and a mixed picture for properties. For the day, the index gained 49.20 points or 0.20% to end at 24,813.13 after trading between 24,678.66 and 24,956.37. Among assets, AAC Technologies grew 0.63%, while AIA Group slipped 0.64%, Alibaba Group fell 0.13%, Alibaba Health Info climbed 3.01%, ANTA Sports jumped 3.55%, China Life Insurance fell 0.58%, China Mengniu Dairy climbed 1.03%, China Resources Land fell 0.17%, CITIC and Sun Hung Kai Properties lost 0.55%, CNOOC lost 0.37%, Country Garden jumped 1.93%, CSPC Pharmaceutical was up 1.39%, Hang Lung Properties was down 1.01%, Henderson Land gained 0, 15%, Li Ning accelerated 2.26%, Longfor fell 0.73%, Meituan fell 0.29%, New World Development sank 0.59%, Sands China fell 1.84 %, Techtronic Industries climbed 2.35%, WuXi Biologics climbed 10.20%, and China Petroleum and Chemical (Sinopec), Industrial and Commercial Bank of China, Galaxy Entertainment and Xiaomi Corporation remained unchanged.
Wall Street’s lead is negative as major averages opened lower on Tuesday and spent the entire session relaxing from record closing highs.
The Dow Jones slipped 112.24 points or 0.31% to end at 36,319.98, while the NASDAQ lost 95.81 points or 0.60% to close at 15,886.54 and the S&P 500 lost fell 16.45 points or 0.35% to finish at 4,695.25.
Crude oil futures stabilized sharply higher on Tuesday amid growing hope over the outlook for energy demand after the United States lifted travel restrictions in several countries. West Texas Intermediate crude oil futures for December ended $ 2.22 or 2.7% at $ 84.15 a barrel.
The decline on Wall Street partly reflected profit taking as some traders took advantage of recent market strength.
Economic news may start to gain increased attention as investors try to determine when the Federal Reserve will start raising interest rates. The Fed has announced plans to start cutting back on asset purchases, but signaled it would not be in any rush to raise rates. On the US economic front, the Labor Department released a report showing that producer prices rose slightly more than expected in October.
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