November 25, 2020

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Hong Kong Stock Market May Be Stuck In Neutral

2 min read

The Hong Kong stock market has moved higher in back-to-back trading days, gathering almost 830 points or 3.3 percent along the way. The Hang Seng Index now rests just above the 25,710-point plateau although it figures to head south on Monday.

The global forecast for the Asian markets is soft, with profit taking expected following last week’s election run in the United States, while varying earnings news and oil process may lend an air of volatility. The European and U.S. markets were slightly lower and the Asian bourses figure to open in similar fashion.

The Hang Seng finished slightly higher on Friday following gains from the properties and financials, while the oil and technology stocks were mixed.

For the day, the index gained 17.07 points or 0.07 percent to finish at 25,712.97 after trading between 25,540.98 and 25,799.97.

Among the actives, Alibaba Group plummeted 4.28 percent, while Xiaomi Corporation surged 3.51 percent, WH Group soared 2.56 percent, Sun Hing Kai Properties spiked 1.96 percent, CITIC accelerated 1.84 percent, CSPC Pharmaceutical plunged 1.67 percent, Techtronic Industries tanked 1.65 percent, China Mobile rallied 1.60 percent, China Petroleum and Chemical (Sinopec) jumped 1.59 percent, China Mengniu Dairy tumbled 1.59 percent, AAC Technologies skidded 1.57 percent, Wharf Real Estate climbed 1.33 percent, WuXi Biologics retreated 1.18 percent, Industrial and Commercial Bank of China collected 0.86 percent, Hong Kong & China Gas gathered 0.70 percent, Ping An Insurance and Hang Lung Properties both perked 0.49 percent, China Life Insurance advanced 0.46 percent, BOC Hong Kong added 0.44 percent, China Resources Land gained 0.43 percent, Sands China rose 0.34 percent, CNOOC slid 0.27 percent, AIA Group improved 0.25 percent, New World Development increased 0.13 percent, Power Assets eased 0.12 percent, Galaxy Entertainment was up 0.09 percent and Hengan International was unchanged.

The lead from Wall Street is murky as stocks opened sharply lower on Friday but rallied to finish largely unchanged.

The Dow shed 66.80 points or 0.24 percent to finish at 28,323.40, while the NASDAQ rose 4.33 points or 0.04 percent to end at 11,895.23 and the S&P 500 eased 1.01 points or 0.03 percent to close at 3,509.44. For the week, The Dow jumped 6.9 percent, the NASDAQ surged 9 percent and the S&P spiked 7.1 percent.

The early weakness on Wall Street was partly due to profit taking following the strong upward move seen over the past several sessions.

The early selling pressure was offset by a closely watched report from the Labor Department showing stronger than expected job growth in October, while the jobless rate fell 1 percent.

The markets were also reacting to the continued uncertainty about the U.S. presidential election – although that was cleared up on Saturday when Democrat Joe Biden was projected as the winner.

Crude oil futures ended sharply lower on Friday, weighed down by rising concerns over outlook for energy demand due to the continued global surge in coronavirus cases. West Texas Intermediate Crude oil futures for December ended down $1.65 or 4.3 percent at $37.14 a barrel.

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Market Analysis

2020-11-08 20:15:04

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