- October 23, 2020
- Posted by: Bastion team
- Category: Markets
(RTTNews) – The Hong Kong stock market has finished higher in five straight sessions, surging more than 630 points or 2.7 percent along the way. The Hang Seng Index now rests just above the 24,785-point plateau and it expected to extend its winning streak again on Friday.
The global forecast for the Asian markets is cautiously optimistic on hopes for a stimulus bill in the United States. The European markets were mixed and flat and the U.S. markets were up and the Asian markets figure to split the difference.
The Hang Seng finished slightly higher on Thursday following gains from the casinos and financials, while the oil and insurance companies were mixed.
For the day, the index added 31.71 points or 0.13 percent to finish at 24,786.13 after trading between 24,556.55 and 24,817.01.
Among the actives, Sands China surged 5.20 percent, while Galaxy Entertainment soared 5.08 percent, CNOOC plummeted 2.72 percent, China Mobile plunged 2.70 percent, Industrial and Commercial Bank of China spiked 2.61 percent, China Resources Land tanked 2.00 percent, CSPC Pharmaceutical tumbled 1.79 percent, China Mengniu Dairy skidded 1.61 percent, Hang Lung Properties and Hengan International both retreated 1.55 percent, WH Group rallied 1.11 percent, AAC Technologies declined 0.91 percent, China Life Insurance collected 0.87 percent, WuXi Biologics surrendered 0.80 percent, Techtronic Industries sank 0.74 percent, AIA Group advanced 0.71 percent, China Petroleum and Chemical (Sinopec) added 0.67 percent, Power Assets dropped 0.49 percent, BOC Hong Kong gained 0.47 percent, New World Development rose 0.26 percent, Ping An Insurance shed 0.24 percent, Xiaomi lost 0.22 percent, Alibaba eased 0.07 percent, Sun Hung Kai properties rose 0.05 percent and Henderson Land, Hong Kong & China Gas, CK Infrastructure and CITIC were unchanged.
The lead from Wall Street is mildly positive as stocks fluctuated on Thursday, bouncing back and forth across the unchanged line before finishing slightly higher.
The Dow added 152.84 points or 0.54 percent to finish at 28,363.66, while the NASDAQ gained 21.31 points or 0.19 percent to end at 11,506.01 and the S&P 500 rose 17.93 points or 0.52 percent to close at 3,453.49.
The strength on Wall Street came as House Speaker Nancy Pelosi indicated Democrats and the White House continue to make progress toward an agreement on a new stimulus bill.
In economic news, the Labor Department said initial jobless claims came in below estimates last week. Also, the National Association of Realtors reported that existing home sales spiked by more than anticipated in September.
Crude oil prices moved higher Thursday, cutting into losses in the previous session after reports that Russian President Vladimir Putin said his country has not ruled out delaying OPEC+ production increases that are set for January. West Texas Intermediate Crude oil futures for December ended up $0.63 or 1.4 percent at $40.64 a barrel.
Closer to home, Hong Kong will see Q4 figures for business confidence later today; in the three months prior, the index score was -11.
Bastion Balance Seoul, Korea.