The Hong Kong stock market on Wednesday snapped the two-day slide in which it had fallen more than 135 points or 0.4 percent. The Hang Seng Index now sits just above the 29,070-point plateau although it figures to head south again on Thursday.
The global forecast for the Asian markets is mixed to lower on mixed earnings news and rising crude oil prices. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.
The Hang Seng finished modestly higher on Wednesday following gains from the casinos and financials, while the properties were soft and the technology and oil companies were mixed.
For the day, the index climbed 129.80 points or 0.45 percent to finish at the daily high of 29,071.34 after moving as low as 28,887.33.
Among the actives, AAC Technologies sank 0.45 percent, while AIA Group gained 0.25 percent, Alibaba Group soared 2.30 percent, Alibaba Health Info plunged 1.84 percent, ANTA Sports surged 4.04 percent, China Life Insurance improved 0.13 percent, China Mengniu Dairy and New World Development both fell 0.12 percent, China Petroleum and Chemical (Sinopec) tumbled 0.77 percent, China Resources Land lost 0.14 percent, CITIC jumped 0.75 percent, CNOOC increased 0.12 percent, CSPC Pharmaceutical rallied 1.55 percent, Galaxy Entertainment climbed 0.73 percent, Hang Lung Properties skidded 0.47 percent, Henderson Land dropped 0.29 percent, Hong Kong & China Gas shed 0.16 percent, Industrial and Commercial Bank of China collected 0.57 percent, Longfor rose 0.20 percent, Meituan tanked 1.15 percent, Sands China added 0.40 percent, Sun Hung Kai Properties advanced 0.51 percent, Techtronic Industries was up 0.07 percent, Xiaomi Corporation plummeted 3.80 percent and WuXi Biologics spiked 2.13 percent.
The lead from Wall Street is soft as stocks saw a lack of direction on Wednesday, bouncing back and forth across the unchanged line before ending modestly lower.
The Dow shed 164.55 points or 0.48 percent to finish at 33,820.38, while the NASDAQ lost 39.19 points or 0.28 percent to end at 14,051.03 and the S&P 500 fell 3.54 points or 0.08 percent to close at 4,183.18.
Stocks initially lacked direction as traders looked ahead to the Federal Reserve’s monetary policy announcement, although the choppy trading continued after the Fed announced its widely expected decision to maintain ultra-easy policy.
The Fed left interest rates and asset purchases unchanged even as the central bank upgraded its assessment of the U.S. economy, adding that the sectors most affected by the coronavirus pandemic remain weak but have improved.
Traders were also reacting to the latest earnings news from several big-name companies as Alphabet (GOOGL) and Visa (V) beat the street while Amgen (AMGN) and Boeing (BA) disappointed.
Crude oil prices moved higher Wednesday amid hopes energy demand will increase in the near future. A much smaller than expected increase in U.S. crude inventories last week also contributed to oil’s advance. West Texas Intermediate Crude oil futures for June ended higher by $0.92 or 1.5 percent at a six-week high of $63.86 a barrel.
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