The Hong Kong stock market has experienced an upward trend for three consecutive sessions, amassing nearly 560 points or a 3 percent increase. Currently, the Hang Seng Index is positioned slightly above the 19,630 mark, and it could receive further support on Tuesday. The overall outlook for Asian markets remains cautiously optimistic, driven by expected strength in technology stocks. European markets closed positively, while U.S. markets were mixed, suggesting a likely positive start for Asian markets.
On Monday, the Hang Seng Index saw modest gains buoyed by financial stocks and mixed results from the real estate and tech sectors.
Specifically, the Hang Seng advanced by 82.61 points or 0.42 percent, concluding the day at 19,636.22, after fluctuating between 19,574.56 and 19,706.12. Key performers included Alibaba Group, which dipped 0.41 percent, while Alibaba Health Information surged 2.14 percent, and ANTA Sports climbed 2.80 percent. In contrast, China Life Insurance fell 2.62 percent, and China Mengniu Dairy rose 1.90 percent. Other notable movements included CITIC and Hong Kong & China Gas, both gaining 1.87 percent, CSPC Pharmaceutical rallying 2.27 percent, and Galaxy Entertainment soaring by 3.38 percent. Haier Smart Home saw a significant decline of 4.17 percent. Among others, Industrial and Commercial Bank of China increased by 0.42 percent, JD.com grew by 2.01 percent, Li Ning skyrocketed by 7.27 percent, while Meituan fell 0.80 percent. New World Development surged 3.58 percent, and Techtronic Industries added 0.84 percent, with WuXi Biologics falling slightly by 0.14 percent. Lenovo and CK Infrastructure remained unchanged.
Wall Street presented a mixed picture as major indices opened and closed inconsistently on Monday.
The Dow Jones Industrial Average declined by 196.82 points or 0.49 percent to finish at 39,806.77. Meanwhile, the NASDAQ increased by 108.91 points or 0.65 percent to reach a record high of 16,794.88, and the S&P 500 inched up by 4.86 points or 0.09 percent, ending at 5,308.13.
The NASDAQ's rise was supported by a strong performance in the tech sector, particularly semiconductor stocks, as evidenced by the Philadelphia Semiconductor Index climbing by 2.2 percent to achieve a two-month closing high.
Additionally, gold stocks performed notably well, driven by the precious metal hitting a new record high, whereas banking and telecom stocks trended downward.
The Dow's decline was largely attributed to profit-taking after the index had crossed the 40,000-point threshold for the first time on Friday.
Concerning oil prices, they settled lower on Monday due to apprehensions that the Federal Reserve might maintain higher interest rates for a more extended period. West Texas Intermediate Crude oil futures decreased to approximately $79.80, a decline of $0.26 from the previous closing.
