Hong Kong Stock Exchange in the process of consolidation
(RTTNews) – The Hong Kong stock market has climbed higher in three consecutive sessions, jumping nearly 750 points or 3.3 percent along the way. The Hang Seng Index now sits just below the 23,750 point plateau, although it is likely to run out of steam on Tuesday.
Global forecasts for Asian markets are negative due to concerns about the outlook for interest rates. European markets were down and US stock markets were mixed and Asian markets were counting to divide the difference.
The Hang Seng ended sharply higher on Monday following gains in financials, pharmaceuticals and tech stocks.
For the day, the index climbed 253.16 points or 1.08% to end at 23,746.54 after trading between 23,399.09 and 23,790.52. Among assets, AAC Technologies jumped 2.15%, while AIA Group fell 1.23%, Alibaba Group fell 0.93%, Alibaba Health Info soared 10.83%, ANTA Sports a climbed 2.97%, China Life Insurance plunged 1.63%, China Mengniu Dairy accelerated 2.92%. China Petroleum and Chemical (Sinopec) fell 1.28%, China Resources Land rose 2.21%, CITIC fell 0.36%, CNOOC 0.58%, Country Garden jumped 8.43 %, CSPC Pharmaceutical rose 6.15%, Galaxy Entertainment gained 0.50%, Hang Lung Properties lost 0.49%, Henderson Land rose 0.30%, Hong Kong & China Gas fell 0 , 17%, Industrial and Commercial Bank of China collected 1.53%, Li Ning rose 1.19%, Longfor rose 2.00%, Meituan gained 1.27%, New World Development added 1.17%. , Techtronic Industries fell 5.12 percent, Xiaomi Corporation got 1.42 percent and WuXi Biologics got stronger need 2.41 percent.
Wall Street’s lead is generally weak as the major averages opened sharply lower on Monday. They showed improvement as the session progressed with NASDAQ breaking the line unchanged.
The Dow Jones lost 162.79 points or 0.45% to close at 36,068.87, while the NASDAQ rose 6.93 points or 0.05% to close at 14,942.83 and the S&P 500 was lost 6.74 points or 0.14% to finish at 4,670.29.
Wall Street’s initial weakness reflected lingering concerns about the economic impact of the Omicron variant of the coronavirus and the likelihood that the Federal Reserve will raise interest rates in the near future.
Treasury yields have risen sharply in recent sessions, with the ten-year benchmark bond yield hitting its highest levels since January 2020.
The surge in yields comes in a more hawkish tone from the Fed after minutes from the last central bank meeting indicated plans to accelerate monetary policy normalization.
Crude oil prices fell on Monday amid concerns about the outlook for energy demand due to the rapid outbreak of the Omicron variant of the coronavirus across the world. A firm dollar amid rising prospects for a series of interest rate hikes also weighed on crude oil prices. West Texas Intermediate crude futures for February slipped $ 0.67 or 0.9% to $ 78.23 a barrel.
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