Renewed Support Anticipated For Hong Kong Shares

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(RTTNews) – The Hong Kong stock market turned emphatically lower again on Tuesday, one session after halting the two-day losing streak in which it had dropped more than 510 points or 1.7 percent. The Hang Seng Index now rests just beneath the 30,160-point plateau although it may tick higher again on Wednesday.

The global forecast for the Asian markets is mixed and little changed thanks to conflicting earnings data and a mild drop in crude oil prices. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.

The Hang Seng finished sharply lower on Tuesday following losses from the financials, oil and insurance companies and technology stocks – while the properties offered support.

For the day, the index plummeted 767.75 points or 2.55 percent to finish at 29,391.26 after trading between 29,345.74 and 29,965.11.

Among the actives, Meituan plummeted 5.30 percent, while Techtronic Industries plunged 4.97 percent, WuXu Biologics tanked 4.47 percent, AAC Technologies tumbled 3.00 percent, Wharf Real Estate surged 2.91 percent, China Petroleum and Chemical (Sinopec) skidded 2.84 percent, CSPC Pharmaceutical retreated 2.48 percent, CNOOC declined 2.44 percent, Ping An Insurance surrendered 2.39 percent, ANTA Sports sank 1.84 percent, Alibaba Group dropped 1.78 percent, China Life Insurance shed 1.62 percent, Hang Lung Properties jumped 1.45 percent, AIA Group lost 1.37 percent, CITIC climbed 1.14 percent, China Resources Land fell 1.05 percent, Sands China advanced 0.99 percent, BOC Hong Kong slid 0.83 percent, Industrial and Commercial Bank of China dipped 0.59 percent, Xiaomi Corporation slipped 0.49 percent, Power Assets added 0.49 percent, New World Development gained 0.41 percent, Sun Hing Kai Properties rose 0.37 percent, Hong Kong & China Gas was down 0.18 percent, China Mengniu Dairy eased 0.10 percent and Henderson Land and Galaxy Entertainment were unchanged.

The lead from Wall Street suggests mild consolidation as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before ending slightly in the red.

The Dow fell 22.96 points or 0.07 percent to finish at 30,937.04, while the NASDAQ eased 9.93 points or 0.07 percent to end at 13,626.06 and the S&P 500 shed 5.74 points or 0.15 percent to close at 3,849.62.

The choppy trading on Wall Street partly reflected uncertainty about the near-term outlook for the markets after the NASDAQ and the S&P 500 climbed to new record closing highs on Monday.

Optimism about additional stimulus under President Joe Biden has helped drive stocks higher in recent sessions, although reports have pointed to intensifying opposition from GOP lawmakers.

The lackluster performance also reflected a mixed reaction to earnings news from a number of big-name companies as 3M (MMM) and Johnson & Johnson (JNJ) moved higher beating the street – while fellow Dow components American Express (AXP) and Verizon (VZ) moved to the downside.

Crude oil futures settled lower on Tuesday, as traders were leery of the uncertain outlook for energy demand. West Texas Intermediate Crude oil futures for March ended lower by $0.16 or 0.3 percent at $52.61 a barrel.

Bastion Balance Seoul, Korea.