Over the last five sessions, the Hong Kong stock market has ended down, falling more than 800 points, or 4.8 percent. Even though Tuesday’s support is long overdue, the Hang Seng Index is still hovering just over the 16,220-point threshold.
The worldwide outlook for the Asian markets is positive due to the decline in bond rates and bargain hunting. The Asian exchanges are predicted to open in a manner akin to that of the European and American markets, which were both higher.
Monday’s closing low on the Hang Seng was caused by losses around the board, particularly in the real estate, technology, and finance sectors.
The index ended the day at 16,224.45, down 310.88 points, or 1.88 percent, from its opening position of 16,144.56 to 16,592.06.
Alibaba Group fell 1.81 percent among the actives, followed by Alibaba Health Info and Xiaomi Corporation both falling 3.88 percent, ANTA Sports falling 0.78 percent, China Life Insurance falling 3.53 percent, China Mengniu Dairy falling 3.87 percent, China Resources Land weakening 2.78 percent, CITIC sinking 2.09 percent, CNOOC rising 0.74 percent, Country Garden plunging 2.71 percent, CSPC Pharmaceutical plunging 3.07 percent, Galaxy Entertainment plunging 3.27 percent, Hang Lung Properties slid 2.33 percent, Henderson Land slid 1.54 percent, Industrial and Commercial Bank of China lost 1.87 percent, JD.com caving 3.89 percent, Lenovo sank 1.17 percent, Li Ning fell 4.46 percent, Meituan plummeted 4.89 percent, and Techtronic Industries lost 1.90 percent, WuXi Biologics plummeted 4.36 percent, and New World Development fell 0.90 percent.
The NASDAQ increased 319.70 points, or 2.20 percent, to close at 14,843.77, while the S&P 500 increased 66.30 points, or 1.41 percent, to conclude at 4,763.54. The Dow increased 216.90 points, or 0.58 percent, to close at 37,683.01.
Stock prices increased as a result of a decline in bond rates and confidence over the future of equities notwithstanding recent uncertainties regarding the possibility of interest rate decreases in the near future.
The Federal Aviation Administration ordered airlines to suspend dozens of Boeing’s 737 Max 9 aircraft after a door plug blew out on an Alaska Airlines flight on Friday, sending Boeing shares down 8 percent and weighing heavily on the Dow.
On Monday, oil prices plummeted as Saudi Arabia’s move to lower prices allayed fears that the crisis in the Middle East might intensify. At $70.77 per barrel, West Texas Intermediate Crude futures for February saw a $3.04 or 4.4 percent decline.
- Published By Team Hongkong Journalist
