Mild Upside Predicted For Hong Kong Shares

(RTTNews) - The Hong Kong stock market on Tuesday ended the four-day losing streak in which it had plummeted more than 925 points or 5 percent to an 11-year closing low. The Hang Seng Index now sits just above the 17,860-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is mixed to higher, with bargain hunting expected - especially among the oil and technology stocks. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The Hang Seng finished barely higher on Tuesday following mixed performances from the technology stocks and properties.

For the day, the index perked 5.17 points or 0.03 percent to finish at 17,860.31 after trading between 17,648.42 and 17,904.21.

Among the actives, Alibaba Group retreated 1.02 percent, while Alibaba Health Info advanced 1.06 percent, ANTA Sports rose 0.62 percent, China Life Insurance slumped 0.77 percent, China Mengniu Dairy was up 0.16 percent, China Petroleum and Chemical (Sinopec) sank 0.58 percent, China Resources Land gained 0.63 percent, CITIC rallied 2.18 percent, CNOOC and Hengan International both skidded 0.73 percent, Country Garden accelerated 2.75 percent, CSPC Pharmaceutical soared 3.22 percent, Galaxy Entertainment added 0.64 percent, Hang Lung Properties skidded 1.38 percent, Henderson Land lost 0.43 percent, Hong Kong & China Gas declined 1.26 percent, Industrial and Commercial Bank of China tumbled 1.33 percent, JD.com strengthened 1.43 percent, Li Ning spiked 2.92 percent, Longfor fell 0.38 percent, Meituan surged 4.00 percent, New World Development and Xiaomi Corporation both perked 0.21 percent, Techtronic Industries plummeted 4.88 percent, WuXi Biologics jumped 1.98 percent and Lenovo was unchanged.

The lead from Wall Street offers little clarity as the major averages shook off early strength, sinking as the day progressed with only the NASDAQ finishing in the green.

The Dow dropped 125.82 points or 0.43 percent to finish at 29,134.99, while the NASDAQ added 26.58 points or 0.25 percent to end at 10,829.50 and the S&P 500 slipped7.75 points or 0.21 percent to close at 3,647.29.

Bargain hunting contributed to the early rebound on Wall Street, as traders picked up stocks at reduced levels following recent weakness. Buying interest waned over the course of the morning, however, as concerns about higher interest rates and the outlook for the global economy continued to weigh on the markets.

The subsequent pullback by stocks came as treasury yields once again surged after an initial move to the downside, with the yield on the benchmark 10-year note reaching its highest levels in over 12 years.

In economic news, the Commerce Department noted a modest decrease in new orders for U.S. manufactured durable goods in August, as well as a rebound in new home sales last month. Also, the Conference Board saw a bigger than expected improvement in consumer confidence this month.

Crude oil prices climbed higher on Tuesday on reports producers have slowed down production in the U.S. Gulf of Mexico ahead of Hurricane Ian. West Texas Intermediate Crude oil futures for November ended higher by $1.79 or 2.3 percent at $78.50 a barrel.