The Hong Kong stock market declined again on Monday, following a brief respite on Friday that ended a four-day losing streak, during which it lost nearly 1,100 points or 5.2 percent. Currently, the Hang Seng Index hovers just above the 20,475 mark, and another weak opening is anticipated on Tuesday. The global market forecast for Asia suggests a downward trend, as other regions are expected to engage in profit-taking. Both European and U.S. markets experienced declines, and Asian markets are likely to mirror this movement.
On Monday, the Hang Seng Index suffered significant losses, with declines evident in all sectors, particularly entertainment and technology. The index dropped 325.65 points or 1.57 percent, closing at 20,478.46, after fluctuating between 20,423.09 and 20,845.57 throughout the day. Among active stocks, Alibaba Group dropped 2.69 percent, Alibaba Health Info fell 2.72 percent, ANTA Sports declined 1.78 percent, China Life Insurance decreased by 1.08 percent, China Mengniu Dairy dropped 1.85 percent, and China Resources Land increased 0.76 percent. Meanwhile, CITIC fell 2.42 percent, CK Infrastructure gained 0.36 percent, CNOOC lost 1.37 percent, CSPC Pharmaceutical decreased by 2.13 percent, Galaxy Entertainment plummeted 3.00 percent, and Haier Smart Home fell 1.28 percent. Other notable performances included Hang Lung Properties, which decreased by 1.49 percent, Henderson Land with a 0.19 percent decline, Hong Kong & China Gas down by 1.13 percent, and the Industrial and Commercial Bank of China which lost 2.09 percent. JD.com slipped 2.46 percent, Lenovo eased 0.35 percent, Li Auto fell 2.43 percent, Li Ning declined 2.10 percent, Meituan retreated 2.27 percent, New World Development slipped 0.98 percent, Nongfu Spring dropped 1.46 percent, Techtronic Industries decreased by 1.89 percent, Xiaomi Corporation slid 1.22 percent, WuXi Biologics fell 0.97 percent, while CLP Holdings remained unchanged.
Wall Street presented a mixed to soft lead, with major indices opening lower on Monday and largely maintaining that trend, although the NASDAQ made gains to end in positive territory. The Dow Jones Industrial Average fell 344.25 points or 0.80 percent to close at 42,931.25. Conversely, the NASDAQ Composite rose by 50.45 points or 0.27 percent to end at 18,540.01, while the S&P 500 saw a decline of 10.69 points or 0.18 percent, finishing at 5,853.98.
The mixed Wall Street performance was influenced by profit-taking, which pulled the Dow down from a record high, while technology stocks pushed the NASDAQ to a three-month high. Trading activity was relatively calm, as investors awaited a series of corporate earnings reports from major companies scheduled for release later in the week.
In economic news, the Conference Board reported that its index of leading U.S. economic indicators declined more than anticipated in September. Meanwhile, oil prices increased on Monday due to potential supply disruptions stemming from intensifying tensions in the Middle East. West Texas Intermediate Crude oil futures for November rose by $1.34, or 1.94 percent, concluding at $70.56 per barrel. Locally, Hong Kong is set to release data on consumer prices for September later today; in August, inflation was stable on a monthly basis and rose by 2.5 percent annually.
