Hong Kong stock market could benefit from further support
(RTTNews) – Ahead of the Christmas Monday break, the Hong Kong stock market had finished higher in four consecutive sessions, advancing more than 470 points or 2% along the way. The Hang Seng Index now sits just below the 23,225-point plateau and looks to another positive lead on Tuesday.
Global forecasts for Asian markets are optimistic about allaying fears about the Omicron variant of the coronavirus. European markets were mixed and US stock markets were up and Asian markets were counting to divide the difference.
The Hang Seng ended slightly higher on Friday after gains in financials, property and casinos, while technology stocks were mixed.
For the day, the index rose 30.16 points or 0.13% to end at 23,223.76 after trading between 23,186.57 and 23,383.19.
Among assets, AAC Technologies fell 0.32%, while AIA Group rose 0.25%, Alibaba Group and Meituan both lost 0.26%, Alibaba Health Info fell 0.91%, ANTA Sports gained 0.35%, China Life Insurance fell 0.46%, China Mengniu Dairy surged. 1.13%, China Resources Land fell 0.15%, CITIC rose 0.91%, CNOOC rose 1.00%, Country Garden fell 1.35%, CSPC Pharmaceutical rose 0 , 24%, Galaxy Entertainment jumped 2.11%, Hang Lung Properties added 0.38%, Henderson Land climbed 1.38%, Hong Kong & China Gas rose 0.17%, Bank China’s industrial and commercial gathered 0.46 percent, Li Ning fell 1.57 percent, Techtronic Industries grew 0.98 percent, WuXi Biologics slipped 0.68 percent, and China Petroleum and Chemical (Sinopec), Longfor, New World Development, Xiaomi Corporation and Hengan International remained unchanged.
Wall Street’s lead is solid as major averages opened higher on Monday and accelerated as the day progressed, ending at or near record closing highs.
The Dow Jones climbed 351.82 points or 0.98% to end at 36,302.38, while the NASDAQ jumped 217.89 points or 1.39% to close at 15,871.26 and the S&P 500 gained 65.40 points or 1.38% to close at 4,791.19.
Wall Street’s continued strength has come amid easing concerns about the economic impact of the Omicron variant of the coronavirus. While Omicron appears to be more transmissible, the new strain allegedly causes milder symptoms and could hasten the end of the pandemic.
Stocks may also have benefited from what is known as the end of the year build-up, with traders looking to increase the value of portfolios.
Crude oil futures closed sharply higher on Monday in hopes that the Omicron variant will not have a significant impact on the global economic recovery. West Texas Intermediate crude oil futures for February ended $ 1.78 or 2.4% at $ 75.57 a barrel.
Closer to home, Hong Kong will see November data on imports, exports and the trade balance later today. In October, imports amounted to HKD 448.74 billion and exports to HKD 418.28 billion for a trade deficit of HKD 30.46 billion.
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