Hong Kong Bourse May Reverse Thursday's Losses

RTTNews | 59 days ago

(RTTNews) - The Hong Kong stock market on Thursday snapped the four-day winning streak in which it had spiked more than 1,230 points or 5.1 percent. The Hang Seng Index now sits just above the 24,325-point plateau although it's likely to move back to the upside again on Friday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished modestly lower on Thursday as the property stocks and technology companies were mostly in the red.

For the day, the index dropped 149.27 points or 0.61 percent to finish at 24,325.40 after trading between 24,235.54 and 24,411.48.

Among the actives, Alibaba Group plummeted 2.86 percent, while Alibaba Health Info skidded 1.08 percent, ANTA Sports dropped 0.95 percent, China Life Insurance tumbled 1.81 percent, China Mengniu Dairy added 0.61 percent, China Resources Land sank 0.54 percent, CITIC retreated 1.54 percent, CNOOC fell 0.33 percent, CSPC Pharmaceutical stumbled 1.88 percent, Galaxy Entertainment climbed 1.28 percent, Haier Smart Home slumped 1.28 percent, Hang Lung Properties and Techtronic Industries both lost 0.40 percent, Henderson Land tanked 2.09 percent, Hong Kong & China Gas perked 0.15 percent, JD.com rose 0.23 percent, Lenovo strengthened 1.29 percent, Li Auto accelerated 0.81 percent, Li Ning rallied 2.46 percent, Meituan declined 1.37 percent, New World Development jumped 1.39 percent, Nongfu Spring advanced 0.87 percent, Xiaomi Corporation gained 0.44 percent, WuXi Biologics plunged 2.72 percent and Industrial and Commercial Bank of China and CLP Holdings were unchanged.

The lead from Wall Street is positive as the major averages opened with mild gains on Thursday but continued to pick up steam throughout the day, ending at session highs and just shy of all-time highs.

The Dow jumped 404.41 points or 0.94 percent to finish at 43,386.84, while the NASDAQ rallied 194.36 points or 0.97 percent to close at 20,167.91 and the S&P 500 gained 48.86 points or 0.80 percent to end at 6,141.02.

The markets continued to benefit from recent upward momentum, which has helped propel the major averages well off their April lows despite lingering uncertainty about tariffs.

The strength on Wall Street also came following the release of a slew of U.S. economic data, including a Labor Department report showing an unexpected decrease by initial jobless claims last week.

Also, revised data released by the Commerce Department showed the U.S. economy shrank by more than previously estimated in the first quarter of 2025, sparking optimism for future rate cuts sooner rather than later.

Crude oil extended its recovery on Thursday amid the ongoing Israel-Iran ceasefire and reports of an increase in fuel demand in the U.S. West Texas Intermediate crude for August delivery closed up by $0.32 to settle at $65.24 per barrel.

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