Hong Kong Stock Market May be In A Terrible Condition

The Hong Kong stock market has ended lower in three straight sessions. It surrendered almost 510 points or 2.5% along the way. The Hang Seng Index sits above the 21,110-point plateau although it’s due for support on Wednesday.

The global forecast for Asian markets is dark and downward trending because of tech-based stocks and stumbling oil companies. The European and U.S. markets were combined and the Asian stocks are tipped to follow suit.

On Tuesday, the Hang Seng Index closed modestly low. The impact was a mixed performance from the financial, properties, and technology stocks. For the day, the index lost 50.66 points or 0.24 percent to finish at 21,113.76 after trading between 21,074.94 and 21,237.88.

List of companies and its stocks

Note: Industrial and Commercial Bank Of China and New World Development were left unchanged.

On Tuesday, the lead from Wall Street provided little clarity as the major averages were an uncomfortable ride. It leads to change on opposite sides of an unchanged line.

The Dow slumped 162.12 points or 0.47 percent to finish at 34,083, while the NASDAQ advanced 70.99 points or 0.60 percent to close at 11,962.78 and the S&P 500 dipped 0.96 points or 0.02 percent to end at 4,136.33.

The unpredictable Wall Street followed the U.S. inflation data. It could be a vital effect of the Federal Reserve’s strategy related to interest rates hike.

The Labor Department’s report showed that U.S. consumer prices inclined in line with estimates in January. They probably dashing hopes that the Federal Reserve might further ease the pace of interest rate hikes.

On Tuesday afternoon, crude oil got slumped, dropping after the release of the U.S inflation data before coming up off daily lows. West Texas Intermediate was down $1.01 or 1.26 percent to $79.13 per barrel, coming off a low of $77.46 earlier in the day.

- Published By Team Hongkong Journalist