Oversold Hang Seng Nonetheless Called Higher Again

(RTTNews) - The Hong Kong stock market bounced higher again on Wednesday, one day after snapping the eight-day winning streak in which it had surged almost 1,600 points or 7.1 percent. The Hang Seng Index now sits just above the 23,640-point plateau although it may tick higher again on Thursday.

The global forecast for the Asian markets is murky as uncertainty about U.S. trade policies continues to weigh. The European markets were down and the U.S. bourses were mostly higher and the Asian markets figure to split the difference.

The Hang Seng finished sharply higher on Wednesday with gains across the board, especially among the financial shares, oil companies and technology stocks.

For the day, the index rallied 532.38 points or 2.30 percent to finish at the daily high of 23,640.65 after trading as low as 23,278.22.

Among the actives, Alibaba Group spiked 3.41 percent, while Alibaba Health Info accelerated 3.68 percent, ANTA Sports soared 3.67 percent, China Life Insurance skyrocketed 6.55 percent, China Mengniu Dairy rallied 2.64 percent, China Resources Land advanced 1.14 percent, CITIC strengthened 1.75 percent, CNOOC jumped 1.97 percent, CSPC Pharmaceutical surged 4.16 percent, Galaxy Entertainment rose 0.47 percent, Haier Smart Home fell 0.21 percent, Hang Lung Properties increased 0.81 percent, Industrial and Commercial Bank of China collected 1.08 percent, JD.com spiked 3.36 percent, Lenovo gained 0.60 percent, Li Auto accelerated 4.54 percent, Li Ning jumped 1.81 percent, Meituan climbed 1.46 percent, Nongfu Spring improved 0.91 percent, Techtronic Industries added 0.75 percent, Xiaomi Corporation soared 3.60 percent, WuXi Biologics rallied 2.81 percent and Henderson Land, Hong Kong & China Gas and New World Development were unchanged.

The lead from Wall Street is mixed to higher as the major averages opened in the green but spent most of the day bouncing back and forth across the unchanged line before finally ending mixed.

The Dow slumped 89.37 points or 0.21 percent to finish at 42,051.06, while the NASDAQ rallied 136.72 points or 0.72 percent to close at 19,146.81 and the S&P 500 rose 6.03 points or 0.10 percent to end at 5,892.58.

The choppy trading on Wall Street came as traders took a step back to assess the recent rally by the markets, which has seen the S&P 500 rebound strongly from its early April lows to turn positive for 2025.

While trade deals between the U.S. and China and the U.K. have helped ease concerns about President Donald Trump's trade policies, uncertainty about the eventual outcome continues to hang over the markets.

Traders also were reluctant to make more significant moves ahead of the release of a slew of U.S. economic data on Thursday, including producer prices, retail sales and industrial production. A speech by Federal Reserve Chair Jerome Powell is also likely to attract attention.

Crude oil prices slipped again on Wednesday, after data showed that U.S. crude inventories unexpectedly jumped last week. West Texas Intermediate crude for June delivery shed 0.80 or 1.27 percent to 62.87 per barrel.