Rebound Expected For Hong Kong Stock Market

On Wednesday, the Hong Kong stock market ended the two-day winning streak in which it achieved 350 points, equivalent to 1.7%, which is exactly twice the previous numbers. The recent position of the Hang Seng Index was above 19,560 points and it could spike up again on Thursday.

Asian markets’ global forecast shows positivity over the debt ceiling negotiation ongoing with the United States. On the contrary, the European markets have shown mixed outcomes, while the U.S. market is accelerating and Asian markets are trying hard to hold their position in the future.

But the Hang Seng Index drastically dropped on Wednesday and impacted sectors like finance, properties, and technology. The EOD numbers were dramatically low, it lies between 19538.09 and 19987.93, and the dropped points were 417.68 i.e. 2.09%.

Take a look at active shares of different brands and their percentage drop or growth-


Brands High % Low %
Alibaba Group 0.35
Alibaba Health Info 4.13
ANTA sports 4.51
China Life Insurance 2.95
China Mengniu Dairy 2.99
China Resource Land 4.83
CITIC 0.99
CNOOC 1.85
Country Garden 7.71
CSPC Pharmaceutical 3.83
Galaxy Entertainment 1.83
Hang Lung Properties 4.01
Henderson Land 1.99
Hong Kong & China Gas 0.54
Industrial & Commercial Bank of China 1.13 2.18
Lenovo 1.54
Li Ning 3.48
Meituan 3.20
New World Development 3.38
Techtronic Industries 5.01
Xiaomi Corporation 3.39
WuXi Biologics 3.96

It has been noticed that the lead from Wall Street is standing strong as major averages were higher last Wednesday and enhanced for the day after. For example, the Dow improved by 408.63 points i.e 1.24%, and reached 33,420.77. NASDAQ embraced 157.51 points or 1.28% and concluded at 12,500.57. Whereas, S&P 500 inclined 48.87 points i.. 1.19% and closed at 4158.77.

Wall Street is optimistic that lawmakers will soon reach an agreement on improving the US debt ceiling after a meeting between President Joe Biden and U.S. Congressional leaders was scheduled for Tuesday.

Regional banks have supported the rebound on Wall Street, with shares of Western Alliance (WAL) eased by 10.2% after the company shared that their deposit growth had expanded for the current quarter, exceeding $2 billion on May 12.

Alongside, the economic news feature that the Commerce Department released an unexpected piece about property construction in April for a rebound in new residential areas.

Crude oil prices achieved a hike on Wednesday due to high demand and optimism over U.S. debt ceiling negotiations. West Texas Intermediate Crude oil futures for June jumped $1.97 or 2.8% at $72.83 a barrel.

Hong Kong is planning to look at its unemployment rate for April, which is currently at 2.9%- down from 3.1% in March.

- Published By Team Hongkong Journalist

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