Hong Kong Shares May See Renewed Support

(RTTNews) - The Hong Kong stock market turned lower again on Tuesday, one session after snapping the four-day losing streak in which it had plummeted almost 1,300 points or 6.4 percent. The Hang Seng Index now sits just beneath the 19,250-point plateau although it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting and encouraging inflation data. The European and U.S. markets were sharply higher and the Asian bourses figure to follow that lead.

The Hang Seng finished sharply lower on Tuesday following losses from the property sector and a mixed picture from the technology stocks.

For the day, the index plunged 448.01 points or 2.63 percent to finish at 19.247.96 after trading between 19,122.82 and 19,639.52.

Among the actives, Alibaba Group surged 5.62 percent, while Alibaba Health Info climbed2.98 percent, ANTA Sports improved 3.62 percent, China Life Insurance collected 1.27 percent, China Mengniu Dairy spiked 4.97 percent, CITIC tumbled 2.24 percent, CNOOC declined 1.54 percent, Country Garden plummeted 5.37 percent, CSPC Pharmaceutical tanked 2.97 percent, Galaxy Entertainment rallied 3.72 percent, Hang Lung Properties added 0.68 percent, Henderson Land dipped 0.18 percent, JD.com soared 5.47 percent, Meituan jumped 3.35 percent, New World Development advanced 0.99 percent, Techtronic Industries retreated 1.25 percent, WuXi Biologics skyrocketed 7.32 percent and China Resources Land, Xiaomi Corporation, Hong Kong & China Gas, Industrial and Commercial Bank of China, Lenovo, Li Ning and CK Infrastructure all were unchanged.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Tuesday and remained in the green throughout the session.

The Dow jumped 336.26 points or 1.06 percent to finish at 32,155.40, while the NASDAQ rallied 239.31 points or 2.14 percent to end at 11,428.15 and the S&P 500 advanced 63.53 points or 1.65 percent to close at 3,919.29.

The strength on Wall Street was fueled by bargain hunting, particularly in the banking sector after regulators said there won't be a relapse of the financial crisis from 15 years ago.

Data showing a drop in U.S. consumer prices in February contributed significantly to the positive mood in the market, allaying fears of an accelerated rate hike from the Federal Reserve.

Crude oil prices fell sharply to a nine-week low on Tuesday amid concerns a fresh financial crisis following the collapse of Silicon Valley Bank and Signature Bank could significantly hurt demand. West Texas Intermediate Crude oil futures for April sank $3.47 or 4.7 percent at $71.33 a barrel.