Hong Kong Stock Market Expected To Stay Within Reach

Hong Kong’s stock market has risen in two out of three trading days since the end of its two-day slide in which it was down more than 350 points, or 1.8 percent. The Hang Seng is now just below the 19,975 plateau, although it is likely to open lower again on Monday.

The global forecast for the Asian markets is mixed to ease on concerns about an economic slowdown and a rise in interest rates. The European markets were mixed and the US markets were sharply lower and the Asian markets share the difference.

The Hang Seng ended slightly higher on Friday after oil company gains and mixed performance from properties and technology shares.

For the day, the index improved 9.12 points or 0.05 percent to end at 19,773.03 after trading between 19,656.80 and 19,898.18.

Among the active, Alibaba Group rose 1.42 percent, while Alibaba Health Info plunged 1.81 percent, ANTA Sports improved 0.65 percent, China Life Insurance gained 0.53 percent, China Mengniu Dairy fell 1.62 percent, China Petroleum and Chemical (Sinopec) added 0.83 percent, China Resources Land rose 1.16 percent, CITIC gained 0.72 percent, CNOOC climbed 0.94 percent, Country Garden rose 2.12 percent, CSPC Pharmaceutical fell 0.75 percent, Galaxy Entertainment fell 0.65 percent, Hang Lung Properties slipped 1.05 percent, Henderson Land rose 0.18 percent, Hong Kong & China Gas accelerated 1.87 percent, JD.com fell 0.18 percent, Lenovo rose 2 .86 percent, Li Ning pulled back 1.07 percent, Longfor rose 2.67 percent, Meituan fell 0.70 percent, New World Development lost 0.38 percent, Techtronic Industries improved 0.88 percent, Xiaomi Corporation profited 0.17 percent, WuXi Biologics plunged 4.88 percent and Industrial and Commercial Bank of China and CK Infrast structure were unchanged.

Wall Street’s lead is generally negative as the big averages opened sharply lower on Friday and remained deep in the red throughout the session.

The Dow fell 292.26 points or 0.86 percent to end at 33,706.74, while the NASDAQ plunged 260.08 points or 2.01 percent to close at 12,705.21 and the S&P 500 fell 55.26 points. or 1.29 percent to end at 4,228.48. For the week, the NASDAQ plunged 2.6 percent, the S&P fell 1.2 percent and the Dow fell 0.2 percent.

The weakness on Wall Street came as traders tried to take advantage of recent strength in the markets, which lifted key averages well from their June lows to their best levels in nearly four months.

Traders may also have taken money out of stocks ahead of this week’s economic symposium in Jackson Hole, Wyoming. Comments by Federal Reserve officials at the annual symposium are likely to draw attention as traders look for additional clues about the pace of future rate hikes.

Oil futures were slightly higher on Friday, but posted a weekly loss on concerns about the outlook for energy demand amid fears of a possible recession in Europe. West Texas Intermediate crude futures for September were up $0.27 or 0.3 percent to $90.77 a barrel.

Closer to home, Hong Kong will announce consumer prices for July later today. Inflation is expected to rise 2.0 percent year on year, from 1.8 percent in June. Inflation had risen by 0.3 percent on a monthly basis in June.

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