Hong Kong Stock Market Draws Flat Lead

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(RTTNews) – The Hong Kong stock market rebounded on Tuesday, one session after halting the two-day winning streak in which it had climbed more than 310 points or 1.3 percent. The Hang Seng Index now sits just shy of the 23,290-point plateau and it figures to be rangebound again on Wednesday.

The global forecast for the Asian markets is mixed to higher, with support from oil stocks tempered by weakness from technology shares. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The Hong Kong stock market slightly lower on Tuesday as losses from the properties and technology stocks were tempered by support from the oil companies.

For the day, the index rose 15.09 points or 0.06 percent to finish at 23,289.84 after trading between 23,146.89 and 23,439.30.

Among the actives, AAC Technologies surged 6.83 percent, while AIA Group gained 0.57 percent, Alibaba Group strengthened 1.65 percent, ANTA Sports tumbled 1.83 percent, China Life Insurance rose 0.46 percent, China Mengniu Dairy retreated 1.34 percent, China Petroleum and Chemical (Sinopec) added 0.81 percent, China Resources Land rallied 3.22 percent, CITIC spiked 3.35 percent, CNOOC advanced 1.36 percent, Country Garden skidded 1.01 percent, CSPC Pharmaceutical jumped 2.13 percent, Galaxy Entertainment climbed 1.98 percent, Hang Lung Properties dipped 0.13 percent, Henderson Land shed 0.30 percent, Hong Kong & China Gas sank 0.65 percent, Industrial and Commercial Bank of China collected 0.45 percent, Li Ning plummeted 7.54 percent, Longfor soared 4.57 percent, Meituan declined 1.70 percent, New World Development was up 0.33 percent, Techtronic Industries tanked 3.62 percent, Xiaomi Corporation lost 0.22 percent, WuXi Biologics plunged 4.99 percent and Alibaba Health Info was unchanged.

The lead from Wall Street is mixed as the Dow opened higher and stayed that way, the NASDAQ opened lower and stayed that way and the S&P opened higher but fell into the red.

The Dow spiked 214.59 points or 0.59 percent to a record 36,799.65, while the NASDAQ tumbled 210.08 points or 1.33 percent to close at 15,622.72 and the S&P 500 eased 3.02 points or 0.06 percent to end at 4,793.54.

The sharp pullback by NASDAQ reflected substantial weakness among software and biotechnology stocks, while financials fueled the Dow.

The continued advance by the Dow also came as traders remain optimistic about the economic outlook even as the U.S. reported more than 1 million new Covid cases on Monday. Indications the new Omicron variant causes milder symptoms has led to hopes the recent surge could actually help to accelerate the end of the pandemic.

Crude oil prices climbed higher on Tuesday after OPEC said it would stick to its plan to raise monthly crude production by 400,000 barrels per day in February. West Texas Intermediate crude oil futures for February ended higher by $0.91 or 1.2 percent at $76.99 a barrel.