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Market Analysis

Hong Kong Shares Expected to Open Positively
Amos Simanungkalit · 9.4K Views

The Hong Kong stock market experienced a recovery on Monday, reversing its previous decline, which had ended a two-day winning streak where it gained over 50 points or 0.3%. The Hang Seng Index now stands at 17,635 points, with expectations of further support in Tuesday's session.

Bargain hunting in technology stocks and good performances in Europe and the US are expected to boost Asian markets.

Monday's session saw the Hang Seng Index close significantly higher, supported by gains in financial and technology stocks, although the property sector exerted some downward pressure.

The index rose 218.20 points, or 1.25%, to close at 17,635.88, having fluctuated between 17,313.88 and 17,693.35 throughout the trading day.

Key performances among active stocks included:

  • Alibaba Group, which rose 1.29%
  • Alibaba Health Information, which gained 0.91%
  • ANTA Sports, which dipped 0.07%
  • China Life Insurance, which fell 0.18%
  • China Mengniu Dairy, which rallied 2.21%
  • China Resources Land, which jumped 1.78%
  • CITIC, which strengthened 1.40%
  • CNOOC, which lost 0.24%
  • Country Garden, which sank 0.62%
  • CSPC Pharmaceutical, which increased 1.00%
  • Galaxy Entertainment, which was up 0.59%
  • Hang Lung Properties, which dropped 0.74%
  • Henderson Land, which rose 0.89%
  • Hong Kong & China Gas, which added 0.95%
  • Industrial and Commercial Bank of China, which collected 0.71%
  • JD.com, which climbed 1.36%
  • Lenovo, which soared 3.93%
  • Li Ning, which shed 0.27%
  • Meituan, which accelerated 3.23%
  • New World Development, which tumbled 1.30%
  • Techtronic Industries, which improved 1.24%
  • Xiaomi Corporation, which surged 4.24%
  • WuXi Biologics, which spiked 3.88%

Wall Street sent a positive signal, as major indices opened higher and maintained their gains throughout the trading day. The Dow Jones Industrial Average climbed 127.91 points, or 0.32%, to finish at 40,415.44. The NASDAQ surged 280.63 points, or 1.58%, to close at 18,007.57. Additionally, the S&P 500 rallied 59.41 points, or 1.08%, to end the session at 5,564.41.

Tech stocks led the rally on Wall Street, recovering from the previous week's significant declines, with the NASDAQ having plunged 3.7%. Nvidia (NVDA) spearheaded this rebound with a jump of 4.8%, which in turn bolstered semiconductor stocks. Consequently, the Philadelphia Semiconductor Index soared 4.0%, marking a notable recovery from its lowest closing level in over a month.

Market sentiment was further lifted by President Joe Biden's announcement that he would not seek re-election, endorsing Vice President Kamala Harris instead.

Crude oil futures experienced a third consecutive session of decline on Monday, driven by concerns over future oil demand and renewed hopes for a ceasefire in Gaza. West Texas Intermediate (WTI) crude oil futures for August fell by $0.35, closing at $79.78 a barrel.

 

Paraphrasing text from "FX.co" all rights reserved by the original author.

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