(RTTNews) – The Hong Kong stock market has fallen over consecutive trading days, falling nearly 900 points or 3.6% along the way. The Hang Seng Index now sits just above the 23,850 point plateau, although it is expected to find some ground on Tuesday.
Global forecasts for Asian markets are positive as markets seek to recover from massive sales following discovery of a new strain of coronavirus. European and American markets were up and Asian stock markets are expected to follow suit.
The Hang Seng ended slightly lower on Monday as losses in financials, properties, casinos and oil companies were tempered by support from tech stocks. For the day, the index lost 228.28 points or 0.95% to end at 23,852.24 after trading between 23,774.31 and 24,134.32. Among assets, AAC Technologies lost 1.73%, while AIA Group sank 0.83%, Alibaba Group added 0.70%, ANTA Sports fell 2.54%, China Life Insurance slipped by 0.91%, China Mengniu Dairy rose 2.35%, China Petroleum and Chemical (Sinopec) fell 1.12%, China Resources Land fell 0.29%, CNOOC lost 0.39%, CSPC Pharmaceuticals lost 0.36%, Galaxy Entertainment plunged 5.42%, Hang Lung Properties fell 0.25%, Hong Kong & China Gas gained 0.34%, Industrial and Commercial Bank of China fell 0.72%, Li Ning fell 0.23%, Longfor slipped 0.26%, Meituan fell 7.06%, New World Development fell 0.94%, Sands China lost 5.27%, Sun Hung Kai Properties rose 0.05%, Techtronic Industries jumped 1.23%, Xiaomi Corporation rose 1.26%, WuXi Biologics rose 2.90% and CITIC, Country Garden, Alibaba Health Info and Henderson Land were unchanged. The Wall Street lead is bullish as the major averages opened firmly higher on Monday and remained in the green throughout the trading day.
The Dow Jones climbed 236.60 points or 0.68% to close at 35,135.94, while the NASDAQ jumped 291.18 points or 1.88% to close at 15,782.83 and the S&P 500 gained 60.65 points or 1.32% to finish at 4,655.
The bargain hunt contributed to Wall Street’s strength after Friday’s sharp drop dragged major averages to their lowest closing levels in at least a month. The announcement of a new variant of the coronavirus contributed to the liquidation, with traders fearing the pandemic could continue to weigh on the global economy.
But the South African doctor who treated the first cases of the new variant said BBC countries could panic unnecessarily and the symptoms she had seen were extremely mild.
President Joe Biden also told reporters that the United States does not need to reimpose lockdowns as a result of the new variant, helping to take the actions to new heights.
In US economic news, the National Association of Realtors said pending home sales rebounded much more than expected in October.
Crude oil futures stabilized sharply higher on Monday, rebounding and regaining ground after Friday’s setback as traders waited for OPEC meetings. West Texas Intermediate crude oil futures for January ended up $ 1.80 or 2.6% at $ 69.95 a barrel. Closer to home, Hong Kong will release October retail sales figures later today; in September, sales increased 4.7% year on year.
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