Rebound Anticipated For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market headed south again on Tuesday, one day after ending the two-day losing streak in which it has tumbled almost 1,100 points or 4.5 percent. The Hang Seng Index now rests just beneath the 23,350-point plateau although it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets suggests mild upside, supported by oil companies and technology stocks. The European and U.S. markets finished higher and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished sharply lower on Tuesday with damage in all sectors, especially the property, finance and technology companies.

For the day, the index plummeted 561.31 points or 2.35 percent to finish at 23,344.25 after trading between 23,321.67 and 23,747.32.

Among the actives, Alibaba Group cratered 3.84 percent, while Alibaba Health Info declined 2.56 percent, ANTA Sports slumped 2.24 percent, China Life Insurance stumbled 2.97 percent, China Mengniu Dairy skidded 2.02 percent, China Resources Land retreated 2.68 percent, CITIC was down 0.52 percent, CNOOC rose 0.22 percent, CSPC Pharmaceutical shed 1.26 percent, ENN Energy rallied 1.54 percent, Galaxy Entertainment lost 1.23 percent, Haier Smart Home tumbled 2.38 percent, Hang Lung Properties fell 0.91 percent, Henderson Land added 0.67 percent, Hong Kong & China Gas slid 0.90 percent, Industrial and Commercial Bank of China sank 1.41 percent, JD.com surrendered 3.24 percent, Lenovo weakened 1.92 percent, Li Auto crashed 4.94 percent, Li Ning eased 0.24 percent, Meituan plunged 4.35 percent, New World Development tanked 3.45 percent, Nongfu Spring dipped 0.54 percent, Techtronic Industries jumped 1.63 percent, Xiaomi Corporation plummeted 6.32 percent and WuXi Biologics dropped 1.71 percent.

The lead from Wall Street is cautiously optimistic as the major averages hugged both sides of the line on Tuesday before a late push bumped them into the green at the close.

The Dow added 4.18 points or 0.01 percent to finish at 42,587.50, while the NASDAQ climbed 83.26 points or 0.46 percent to close at 18,271.86 and the S&P 500 rose 9.08 points or 0.16 percent to end at 5,776.65.

The choppy trading on Wall Street came amid ongoing uncertainty about President Donald Trump's tariff plans following recent reports he plans to take a more narrow approach to new tariffs.

Trump has recently made many conflicting remarks about his tariff plans, leading to considerable uncertainty on Wall Street.

Meanwhile, traders largely shrugged off a report from the Conference Board showing consumer confidence in the U.S. deteriorated by more than expected in the month of March.

Oil prices dipped on Tuesday on reports Russia and Ukraine have agreed to a partial ceasefire covering the Black Sea. West Texas Intermediate Crude oil futures for May closed lower by $0.11 at $69.00 a barrel.