Bargain Hunting Likely To Lift Hong Kong Shares

RTTNews | hace 647
Bargain Hunting Likely To Lift Hong Kong Shares

(RTTNews) - The Hong Kong stock market has finished lower in six straight sessions, retreating almost 1,300 points or 6.8 percent in that span. The Hang Seng Index now sits just above the 17,950-point plateau although it's overdue for support on Monday.

The global forecast for the Asian markets suggests little movement, although bargain hunting would likely limit any downside. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets are expected to follow the latter lead.

The Hang Seng finished sharply lower on Friday following huge losses among the technology stocks, while the financials and properties also ended well in the red.

For the day, the index plunged 375.75 points or 2.05 percent to finish at 17,950.85 after trading between 17,936.43 and 18,336.41.

Among the actives, Alibaba Group tumbled 3.44 percent, Alibaba Health Info plummeted 10.31 percent, ANTA Sports skidded 2.52 percent, China Life Insurance was down 0.52 percent, China Mengniu Dairy and New World, Development both fell 1.17 percent, China Resources Land sank 2.45 percent, CITIC retreated 2.81 percent, CNOOC rose 0.16 percent, Country Garden jumped 1.86 percent, CSPC Pharmaceutical weakened 2.59 percent, Galaxy Entertainment stumbled 3.33 percent, Hang Lung Properties lost 1.75 percent, Henderson Land dipped 0.70 percent, Hong Kong & China Gas slid 1.01 percent, Industrial and Commercial Bank of China eased 0.29 percent, JD.com plunged 5.34 percent, Lenovo tanked 4.95 percent, Li Ning surrendered 4.05 percent, Meituan slumped 2.77 percent, Techtronic Industries dropped 2.48 percent, Xiaomi Corporation shed 1.84 percent and WuXi Biologics declined 2.91 percent.

The lead from Wall Street offers little guidance as the major averages opened lower on Friday but recovered to finish mixed and little changed.

The Dow rose 25.96 points or 0.08 percent to finish at 34,500.66, while the NASDAQ shed 26.12 points or 0.20 percent to close at 13,290.78 and the S&P 500 eased 0.65 points or 0.01 percent to end at 4,369.71.

For the week, the Dow shed 2.2 percent, the S&P lost 2.1 percent and the NASDAQ sank 2.6 percent.

The lack of direction on Wall Street came as traders remained cautious amid concerns the Federal Reserve will hold interest rates higher for longer to control inflation.

The market had maintained a negative bias thanks to hawkish minutes from the Federal Reserve's most recent policy meeting and higher bond yields, but bargain hunting pared the losses.

Oil prices climbed higher Friday, extending gains from the previous session after data indicated a drop in output, while a weaker dollar contributed as well to the uptick in oil prices. West Texas Intermediate Crude oil futures added $0.86 or 1.1 percent to $81.25 a barrel. WTI Crude futures shed 2 percent for the week.

Closer to home, Hong Kong will see July numbers for consumer prices later today, with forecasts suggesting an increase of 0.2 percent on month and 1.9 percent on year - steady from the June reading.

read more
Australian Market Modestly Higher

Australian Market Modestly Higher

The Australian market is trading modestly higher on Thursday, reversing the slight losses in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,400 level, with gains in energy, financial and technology stocks partially offset by a mixed performance in mining stocks.
RTTNews | hace 16 minutos
China Shares May Open Under Pressure On Thursday

China Shares May Open Under Pressure On Thursday

The China stock market has finished lower in five straight sessions, surrendering almost 50 points or 1.5 percent along the way. The Shanghai Composite Index now sits just beneath the 3,340-point plateau and it may see continued consolidation on Thursday.
RTTNews | hace 19 minutos
Renewed Selling Pressure Expected For Taiwan Shares

Renewed Selling Pressure Expected For Taiwan Shares

The Taiwan stock market on Wednesday ended the four-day losing streak in which it had given up more than 460 points or 2.2 percent. The Taiwan Stock Exchange now sits just above the 21,350-point plateau although it may head south again on Thursday.
RTTNews | hace 49 minutos
Singapore Bourse May Run Out Of Steam On Thursday

Singapore Bourse May Run Out Of Steam On Thursday

The Singapore stock market has moved higher in two straight sessions, advancing more than 35 points or 0.9 percent along the way. The Straits Times Index now sits just above the 3,910-point plateau although the rally may stall on Thursday.
RTTNews | hace 1h 19min
Losing Streak May Continue For Malaysia Stock Market

Losing Streak May Continue For Malaysia Stock Market

The Malaysia stock market has moved lower in three straight sessions, slipping more than a dozen points or 0.9 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,525-point plateau and it's looking at another soft start again on Thursday.
RTTNews | hace 1h 49min
Japan Stock Market May Extend Wednesday's Losses

Japan Stock Market May Extend Wednesday's Losses

The Japan stock market on Wednesday snapped the three-day winning streak in which it had collected almost 750 points or 2 percent. The Nikkei 225 now sits just above the 27,720-point plateau and it may take further damage on Thursday.
RTTNews | hace 2h 4min
KOSPI Likely To Remain Rangebound

KOSPI Likely To Remain Rangebound

The South Korea stock market has moved higher in two of three trading days since the end of the two-day slide in which it had given up almost 35 points or 1.4 percent. The KOSPI now rests just above the 2,670-point plateau and it may hand back some of those gains on Thursday.
RTTNews | hace 2h 19min
Korea Rate Decision Due On Thursday

Korea Rate Decision Due On Thursday

The Bank of Korea will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The BoK is widely expected to keep its benchmark lending rate unchanged at 2.75 percent.
RTTNews | hace 3h 19min