The Hong Kong stock market has experienced a decline over the past two sessions, losing over 525 points or 2.6% in total. The Hang Seng Index is currently positioned slightly above the 20,425 level, with expectations of possibly stabilizing on Tuesday.
Looking globally, the forecast for Asian markets is favorable, influenced largely by momentum following the U.S. elections. Both European and U.S. markets saw gains, and it is anticipated that Asian markets may follow suit.
On Monday, the Hang Seng Index closed significantly lower due to downturns in the financial, property, and oil sectors, with mixed results from technology stocks. The Index fell by 301.26 points or 1.45%, concluding at 20,426.93, after fluctuating between 20,151.38 and 20,505.01 during the day.
In terms of individual performances, Alibaba Group saw a slight increase of 0.11%, Alibaba Health Information rose by 0.93%, while ANTA Sports dropped 1.40%. China Life Insurance experienced a sharp decline of 4.02%, China Mengniu Dairy decreased by 1.30%, and China Resources Land fell by 2.24%. CITIC lost 1.50%, CNOOC dropped 2.59%, and Galaxy Entertainment was down 0.96%. Haier Smart Home fell by 1.07%, Hang Lung Properties retreated by 2.06%, whereas Hong Kong & China Gas inched up by 0.33%. Industrial and Commercial Bank of China decreased by 2.05%, JD.com fell 2.32%, and Lenovo climbed 1.93%. Li Auto saw a modest decline of 0.47%, Li Ning fell by 1.96%, Meituan dropped 3.23%, New World Development dipped 1.51%, and Nongfu Spring plunged 3.86%. Techtronic Industries decreased 1.46%, although Xiaomi Corporation surged 3.53%, with WuXi Biologics declining 1.75%. CSPC Pharmaceutical, Henderson Land, and CLP Holdings remained unchanged.
Wall Street provided a cautiously optimistic outlook, as major indices opened higher on Monday, performing moderately throughout the day to end with slight gains, reaching new record closing highs. The Dow rose by 304.14 points or 0.69% to close at 44,294.13. The NASDAQ gained 11.99 points or 0.06%, settling at 19,298.76, and the S&P 500 added 5.81 points or 0.10%, ending at 6,001.35.
Optimism persists among investors regarding Donald Trump's policies, such as tax cuts and deregulation, anticipated to bolster corporate earnings.
Oil futures, however, ended the day on a negative note, impacted by a stronger dollar and demand concerns. West Texas Intermediate Crude for December delivery fell by $2.34 or 3.6%, closing at $68.04 per barrel.
