Hong Kong Stock Market May Turn Lower On Tuesday

(RTTNews) - The Hong Kong stock market rebounded on Monday, one session after snapping the four-day winning streak in which it had surged more than 1,300 points or 1.6 percent. The Hang Seng Index now rests just beneath the 21,390-point plateau although it may hand back those gains on Tuesday.

The global forecast for the Asian markets is mixed to lower on concerns over the outlook for interest rates. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The Hang Seng finished sharply higher on Monday following gains from the technology stocks and properties.

For the day, the index soared 396.70 points or 1.89 percent to finish at 21,388.34 after trading between 21,216.92 and 21,470.69.

Among the actives, Alibaba Group skyrocketed 8.66 percent, while Alibaba Health Info surged 7.70 percent, ANTA Sports jumped 2.96 percent, China Life Insurance strengthened 2.87 percent, China Mengniu Dairy increased 0.94 percent, China Resources Land gained 0.78 percent, CITIC advanced 1.08 percent, CNOOC sank 0.50 percent, Country Garden plummeted 5.24 percent, CSPC Pharmaceutical and Meituan both retreated 1.15 percent, Galaxy Entertainment accelerated 4.21 percent, Hang Lung Properties tumbled 3.24 percent, Henderson Land added 0.54 percent, Hong Kong & China Gas gathered 0.26 percent, Lenovo improved 1.10 percent, Li Ning and ENN Energy both were up 0.42 percent, New World Development rose 0.43 percent, Techtronic Industries rallied 5.82 percent, Xiaomi Corporation spiked 7.65 percent, WuXi Biologics climbed 2.42 percent and Industrial and Commercial Bank of China and JD.com were unchanged.

The lead from Wall Street is murky as the major averages opened higher on Monday but faded as the day progressed, eventually ending mixed and little changed.

The Dow dropped 112.96 points or 0.34 percent to finish at 33,517.65, while the NASDAQ gained 66.36 points or 0.63 percent to close at 10,635.65 and the S&P 500 dipped 2.99 points or 0.08 percent to end at 3,892.09.

The tech-heavy NASDAQ was solid after bond yields dropped amid bets the Federal Reserve will slow down the pace of its interest rate hikes in the coming months.

Stocks pared gains after comments from Fed officials that the central bank might raise rates to somewhere above 5 percent.

Crude oil prices climbed higher Monday, gaining for a third straight session amid hopes of increased demand - while a weak dollar also helped to support oil prices. West Texas Intermediate Crude oil futures for February rose $0.86 or 1.2 percent at $74.63 a barrel.