Rally May Stall For Hong Kong Stock Market

(RTTNews) – The Hong Kong stock market has moved higher in five straight sessions, advancing more than 525 points or 2.3 percent along the way. The Hang Seng Index now rests just above the 23,280-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets is mixed, with support expected from oil companies and weakness likely from tech shares. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The Hang Seng finished modestly higher on Tuesday following gains from the financials, properties and oil companies.

For the day, the index added 56.80 points or 0.24 percent to finish at 23,280.56 after trading between 23,099.48 and 23,319.44.

Among the actives, AAC Technologies gained 0.81 percent, while AIA Group rose 0.76 percent, Alibaba Group increased 0.44 percent, Alibaba Health Info tumbled 2.14 percent, ANTA Sports accelerated 1.99 percent, China Life Insurance and CK Infrastructure both climbed 1.55 percent, China Mengniu Dairy perked 1.34 percent, China Petroleum and Chemical (Sinopec) added 0.54 percent, China Resources Land jumped 1.96 percent, CITIC soared 2.45 percent, CNOOC strengthened 0.86 percent, Country Garden was up 0.32 percent, CSPC Pharmaceutical improved 0.73 percent, Galaxy Entertainment plunged 2.68 percent, Hang Lung Properties surged 4.08 percent, Henderson Land perked 0.30 percent, Hong Kong & China Gas gathered 1.50 percent, Industrial and Commercial Bank of China collected 1.14 percent, Li Ning advanced 1.10 percent, Longfor added 0.95 percent, Meituan dropped 1.15 percent, New World Development spiked 2.36 percent, Techtronic Industries retreated 1.74 percent, Xiaomi Corporation increased 0.75 percent and WuXi Biologics rallied 1.95 percent.

The lead from Wall Street is mixed as the Dow opened higher on Thursday and stayed that way, the S&P 500 opened higher but gradually fell into the red and the NASDAQ simply spent most of the day in negative territory.

The Dow gained 95.83 points or 0.26 percent to finish at 36,398.21, while the NASDAQ sank 89.54 points or 0.56 percent to close at 15,781.72 and the S&P 500 eased 4.84 points or 0.10 percent to end at 4,786.35.

The lackluster performance came as traders were reluctant to continue making significant moves following the recent strength in the markets. But they largely refrained from cashing in on recent gains amid easing concerns about the impact of the Omicron variant of the coronavirus.

Helping offset worries about the pandemic, the Centers for Disease Control and Prevention has shortened the recommended isolation time to for asymptomatic people with Covid-19 to 5 days from 10 days.

Crude oil futures rose Tuesday, extending gains to a fifth straight session on hopes the Omicron variant of the coronavirus is unlikely to impact global economic recovery. West Texas Intermediate Crude oil futures for February added $0.41 or 0.5 percent at $75.98 a barrel.

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