Hong Kong Stock Market Pulls Solid Lead For Tuesday’s Trading

(RTTNews) – Hong Kong’s stock market has finished higher in consecutive trading days, amassing more than 110 points, or 0.4 percent, along the way. The Hang Seng Index now rests just above the 26,130-point plateau and looks for a new green light for Tuesday’s trading.

The global outlook for Asian markets is mixed to higher, largely with optimism for earnings as the season progresses. The European markets were mixed and the US markets rose and the Asian markets share the difference.

The Hang Seng ended slightly higher on Monday as gains from technology stocks were offset by weakness in properties.

For the day, the index rose 5.10 points or 0.02 percent to end at 26,132.03 after trading between 25,929.67 and 26,212.90.

Among the active, AIA Group rose 1.73 percent, while Alibaba Group fell 0.23 percent, Alibaba Health Info plummeted 2.22 percent, ANTA Sports plummeted 3.65 percent, China Life Insurance fell 0.28 percent, China Mengniu Dairy rose 2.49 percent, China Resources Land slipped 0.89 percent, CITIC fell 0.38 percent, CNOOC rose 1.29 percent, Country Garden retreated 1.22 percent, CSPC Pharmaceutical fell 0.80 percent, Galaxy Entertainment fell 1.41 percent, Hang Lung Properties fell 0.33 percent, Henderson Land fell 0.15 percent, Hong Kong & China Gas added 0.51 percent, Industrial and Commercial Bank of China fell 0.46 percent, Li Ning caved 1.51 percent, Longfor collapsed 1.88 percent, Meituan sank 0.83 percent, New World Development lost 0.59 percent, Sands China tanked 2.16 percent, Sun Hung Kai Properties lost 0.58 percent, Techtronic Industries spiked 2.18 percent, Xiaomi Corporation weakened 0.18 percent. 22 percent, WuXi Biologics rose 3.88 percent and AAC Technologies and China Petroleum and Chemical (Sinopec) were unchanged.

Wall Street’s lead is positive as the big averages shook off a soft start on Monday, climbed quickly into the green and finished solidly higher.

The Dow added 64.13 points or 0.18 percent to end at 35,741.15, while the NASDAQ peaked 136.51 points or 0.90 percent to close at 15,226.71 and the S&P 500 rose 21.58 points or 0.47 percent to end at 4,566.48.

The strength on Wall Street reflected optimism about more positive earnings news, with a slew of major companies set to report quarterly results this week, including Facebook (FB), General Electric (GE), UPS (UPS), Alphabet (GOOGL), Coca-Cola Cola (KO), General Motors (GM), McDonald’s (MCD), Ford (F), Amazon (AMZN), Apple (APPL), and Exxon Mobil (XOM).

Uplifting earnings news contributed to a recent upward trend on Wall Street as most companies reported better-than-expected results.

Traders may also have been reluctant to take any major steps ahead of the Federal Reserve’s monetary policy meeting next week. The Fed is likely to leave rates unchanged, but may announce plans to scale back its asset purchase program.

Oil futures held steady Monday as prices fell sharply from the high of the day towards the end of the session, with traders weighing supply and demand. West Texas Intermediate Crude for December ended unchanged at $83.76 a barrel after peaking at $85.41 a barrel, a seven-year high.

Closer to home, Hong Kong will see September figures for imports, exports and trade balance later in the day. In August, imports rose 36.2 percent year-on-year and exports increased 25.9 percent year-on-year for a trade deficit of HKD 26.3 billion.

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