Hong Kong Stocks May Run Out Of Steam On Wednesday

(RTTNews) - The Hong Kong stock market has moved higher in three straight sessions, gathering almost 750 points or 3 percent in that span. The Hang Seng Index now sits just above the 25,130-point plateau although it may be stuck in neutral on Wednesday.

The global forecast for the Asian markets offers little clarity as the markets figure to stagnate amidst a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are likely to follow that lead.

The Hang Seng finished modestly higher again on Tuesday following gains from the insurance companies, technology stocks and the properties.

For the day, the index gained 135.89 points or 0.54 percent to finish at the daily high of 25,130.03 after trading as low as 24,900.59.

Among the actives, Alibaba Group perked 0.08 percent, while Alibaba Health Info retreated 1.70 percent, ANTA Sports gained 0.32 percent, China Life Insurance surged 4.23 percent, China Mengniu Dairy advanced 0.58 percent, China Resources Land expanded 1.21 percent, CITIC strengthened 1.25 percent, CNOOC added 0.53 percent, CSPC Pharmaceutical stumbled 2.56 percent, Galaxy Entertainment fell 0.27 percent, Haier Smart Home climbed 0.99 percent, Henderson Land improved 0.56 percent, Hong Kong & China Gas jumped 1.46 percent, Industrial and Commercial Bank of China sank 0.98 percent, JD.com shed 0.31 percent, Lenovo dropped 1.18 percent, Li Auto tumbled 1.79 percent, Li Ning accelerated 2.29 percent, Meituan slumped 1.38 percent, New World Development spiked 2.31 percent, Nongfu Spring rallied 2.26 percent, Techtronic Industries soared 2.84 percent, Xiaomi Corporation increased 0.35 percent and WuXi Biologics and Hang Lung Properties were unchanged.

The lead from Wall Street is murky as the major averages opened on opposite sides of the unchanged line and finished the same way.

The Dow climbed 179.37 points or 0.40 percent to finish at 44,502.44, while the NASDAQ shed 81.49 points or 0.39 percent to close at 20,892.69 and the S&P 500 perked 4.02 points or 0.06 percent to end at a fresh record high of 6,309.62.

Profit taking contributed to the initial weakness on Wall Street after the NASDAQ and the S&P ended the previous session at record closing highs, while a negative reaction to earnings news also weighing on the markets.

Shares of General Motors (GM) plunged after the automaker reported Q2 earnings that exceeded estimates but were down sharply on year. Leading global security, defense and aerospace contractor Lockheed Martin (LMT) also tumbled on weaker than expected second quarter revenues.

Crude oil moved lower for a third straight session on Tuesday as continuing uncertainty on tariff negotiations between the U.S. and its trading partners has increased demand concerns. West Texas Intermediate crude closed down by $0.99 to settle at $66.21 per barrel.