The Hong Kong stock market has continued its upward trajectory, increasing by over 875 points or 4.5% across consecutive trading days. The Hang Seng Index is now just below the 19,130-point mark but is expected to decline on Thursday.
Globally, Asian markets are predicted to show a downward trend, with profit-taking likely to impact several overbought regional boarders. This follows a mostly lower performance in European and U.S. markets, which Asian markets are expected to mirror.
On Wednesday, the Hang Seng saw modest gains, driven by financial shares and property stocks, while technology stocks had mixed results. Specifically, the index climbed by 128.54 points, or 0.68%, closing at 19,129.10, within a range between 19,072.72 and 19,592.43.
Noteworthy stock movements included:
- Alibaba Group: down 0.76%
- Alibaba Health Information: up 5.65%
- ANTA Sports: down 1.74%
- China Life Insurance: up 2.15%
- China Mengniu Dairy: down 1.24%
- China Resources Land: down 2.46%
- CITIC: up 3.54%
- CNOOC: down 0.40%
- CSPC Pharmaceutical: up 1.16%
- Galaxy Entertainment: up 0.48%
- Haier Smart Home: up 1.08%
- Hang Lung Properties: up 1.86%
- Henderson Land: up 0.20%
- Hong Kong & China Gas: down 0.46%
- Industrial and Commercial Bank of China: up 1.70%
- JD.com: up 0.96%
- Lenovo: down 0.70%
- Li Auto: down 1.83%
- Li Ning: down 0.77%
- Meituan: up 1.07%
- New World Development: up 2.50%
- Nongfu Spring: down 2.13%
- Techtronic Industries: up 1.42%
- Xiaomi Corporation: down 3.07%
- WuXi Biologics: up 4.20%
Wall Street provided a somewhat pessimistic outlook, with major averages opening mixed but trending lower. The Dow fell by 293.47 points or 0.70% to close at 41,914.75. Meanwhile, the NASDAQ gained 7.68 points or 0.04% to finish at 18,082.21, and the S&P 500 fell by 10.67 points or 0.19% to end at 5,722.26.
The mixed performance in U.S. markets reflects trader uncertainty regarding the near-term market outlook following a period of significant gains that saw the Dow and S&P 500 reach record highs.
In economic updates, the Commerce Department reported a sharp decline in new home sales for August. Upcoming data releases this week include weekly jobless claims, durable goods orders, and personal income and spending. Additionally, Fed Chair Jerome Powell's speech is highly anticipated.
Oil prices dropped significantly on Wednesday amid uncertainty about demand and reduced concerns over supply disruptions in Libya. West Texas Intermediate Crude for November delivery decreased by $1.87 or 2.6%, settling at $69.69 a barrel.
Back in Hong Kong, data on imports, exports, and the trade balance for August are expected later today. In July, imports increased by 9.9% month-on-month, while exports surged by 13.1%, resulting in a trade deficit of HKD 21.8 billion.
