March 28, 2023

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Hong Kong Stock Market Tipped To Open In The Green

2 min read

The Hong Kong stock market on Wednesday snapped the two-day losing streak in which it had tumbled more than 840 points or 4 percent. The Hang Seng Index now sits just above the 22,070-point plateau and it’s expected to open higher again on Thursday.

The global forecast for the Asian markets is upbeat after the Federal Reserve didn’t raise its benchmark lending rate more than expected on Wednesday. The European markets were mixed and flat and the U.S. bourses were firmly higher and the Asian markets are tipped to follow the latter lead.

The Hang Seng finished sharply higher on Wednesday following gains from the technology stocks, oil companies and properties.

For the day, the index rallied 229.85 points or 1.05 percent to finish at the daily high of 22,072.18 after moving as low as 21,703.60.

Among the actives, Alibaba Group advanced 2.23 percent, while Alibaba Health Info rose 1.15 percent, ANTA Sports fell 0.25 percent, China Mengniu Dairy jumped 2.91 percent, China Resources Land added 1.60 percent, CITIC gained 1.20 percent, CNOOC increased 2.11 percent, Country Garden improved 2.36 percent, CSPC Pharmaceutical perked 0.89 percent, Galaxy Entertainment spiked 3.68 percent, Hang Lung Properties strengthened 2.85 percent, Henderson Land gained 0.35 percent, Hong Kong & China Gas rose 0.38 percent, Industrial and Commercial Bank of China dropped 0.95 percent, and WuXi Biologics both climbed 2.76 percent, Lenovo was up 0.64 percent, Li Ning collected 0.52 percent, Meituan rallied 3.15 percent, New World Development gathered 2.14 percent, Techtronic Industries surged 5.57 percent, Xiaomi Corporation soared 4.49 percent and China Life Insurance was unchanged.

The lead from Wall Street ends up positive as the major averages opened slightly lower on Wednesday and spent most of the day that way before a late push bumped them into the green.

The Dow rose 6.92 points or 0.02 percent to finish at 23,092.96, while the NASDAQ surged 231.77 points or 2.00 percent to close…

2023-02-01 20:15:01

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