Rebound Anticipated For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had advanced almost 525 points or 2.6 percent. The Hang Seng Index now rests just beneath the 20,600-point plateau although it's predicted to see renewed support on Thursday.

The global forecast for the Asian markets is upbeat following a drop in U.S. treasury yields. The European markets were mixed and the U.S bourses were slightly higher and the Asian markets figure to split the difference.

The Hang Seng finished modestly lower on Wednesday following losses from the properties, financials and energy companies, while the technology shares were mixed.

For the day, the index slumped 192.87 points or 0.93 percent to finish at 20,597.09 after trading between 20,417.39 and 20,827.77.

Among the actives, Alibaba Group eased 0.10 percent, while Alibaba Health Info dropped 1.60 percent, ANTA Sports retreated 3.41 percent, China Life Insurance slumped 2.04 percent, China Mengniu Dairy plunged 4.59 percent, China Resources Land fell 1.08 percent, CITIC weakened 1.79 percent, CNOOC slid 1.07 percent, CSPC Pharmaceutical dipped 0.89 percent, Galaxy Entertainment surrendered 3.70 percent, Haier Smart Home stumbled 3.48 percent, Hang Lung Properties shed 1.48 percent, Henderson Land sank 1.59 percent, Hong Kong & China Gas was down 0.34 percent, Industrial and Commercial Bank of China slipped 0.56 percent, JD.com tumbled 3.45 percent, Lenovo surged 3.99 percent, Li Auto tanked 4.03 percent, Li Ning lost 1.46 percent, Meituan rose 0.07 percent, New World Development declined 2.39 percent, Nongfu Spring plummeted 6.94 percent, Techtronic Industries skidded 1.64 percent, Xiaomi Corporation added 0.25 percent and WuXi Biologics rallied 2.13 percent.

The lead from Wall Street is positive after the major averages opened lower on Wednesday but turned higher into the green as the day progressed, ending at session highs.

The Dow rallied 317.24 points or 0.71 percent to finish at 44,873.28, while the NASDAQ added 38.31 points or 0.19 percent to close at 19,692.33 and the S&P 500 gained 23.60 points or 0.39 percent to end at 6,061.48.

The rebound on Wall Street came amid a notable move to the downside by treasury yields, with the yield on the benchmark ten-year note slumping to its lowest closing level in well over a month.

Yields tumbled after the Treasury Department said its current auction sizes leave it well positioned to address potential changes to the fiscal outlook. Based on projected borrowing needs, the Treasury anticipates maintaining long-term securities auction sizes for at least the next several quarters.

In economic news, the Institute for Supply Management said service sector growth in the U.S. unexpectedly slowed modestly in January. Also, payroll processor ADP said private sector employment in the U.S. increased more than expected last month.

Oil prices settled sharply lower Wednesday after data showed a sharp jump in U.S. crude inventories last week. Concerns about the outlook for oil demand also weighed on prices. West Texas Intermediate Crude oil futures for March settled at $71.03 a barrel, losing $1.67 or 2.29 percent.