Hong Kong stock exchange could suffer further damage on Monday
(RTTNews) – Hong Kong’s stock market headed south again on Friday, a session after snapping a four-day losing streak in which it fell more than 1,850 points or 8.6% . The Hang Seng Index is now just above the 20,550 plateau and looks for another soft start to Monday’s trade.
The global forecast for Asian markets is weak due to rising crude oil prices and falling tech stocks. European markets were up and US stock markets were down and Asian markets should follow the latter lead.
The Hang Seng ended sharply lower on Friday after losses in properties, casinos, oil companies and technology stocks.
For the day, the index fell 336.47 points or 1.61% to end at 20,553.79 after trading between 20,079.15 and 20,778.86.
Among the assets, AAC Technologies and CNOOC both fell 3.07%, while AIA Group jumped 3.07%, Alibaba Group fell 5.52%, Alibaba Health Info fell 2.30% , ANTA Sports slipped 2.54%, China Life Insurance and New World, Development both fell 0.33%. percent, China Mengniu Dairy lost 1.12 percent, China Petroleum and Chemical (Sinopec) and Techtronic Industries both fell 0.85 percent, China Resources Land fell 3.26 percent, CITIC gained 0 .23 percent, Country Garden fell 3.50 percent, CSPC Pharmaceutical fell 2.31 percent, Galaxy Entertainment fell 1.44 percent, Hang Lung Properties rose 1.11 percent, Henderson Land lost 1.25%, Hong Kong & China Gas fell 1.04%, Industrial and Commercial Bank of China collected 0.22%, JD.com fell 11.04%, Li Ning fell 3 .21%, Longfor weakened 1.55%, Meituan plunged 6.10%, Xiaomi Corporation added 0.59% and WuXi Biologics fell 1.39% NT.
Wall Street’s lead is negative as major averages opened higher on Friday but were unable to hold their gains and ended firmly in the red.
The Dow Jones slipped 229.91 points or 0.69% to end at 32,944.19, while the NASDAQ fell 286.19 points or 2.18% to end at 12,843.81 and the S&P 500 fell 55.21 points or 1.30% to close at 4,204.31. For the week, the Dow Jones lost 2%, the NASDAQ lost 3.5% and the S&P fell 2.9%.
Growing concerns over the economic impact of the Russian invasion of the war in Ukraine and the various sanctions imposed on Russia by the United States and Western allies have turned the mood bearish.
In economic news, the University of Michigan noted a bigger than expected decline in US consumer sentiment in March. The report also showed that one-year inflation expectations jumped to 5.4% in March from 4.9% in February, while five-year inflation expectations held steady at 3.0%. .
Crude oil prices rose on Friday on worries about supply disruptions amid uncertainty over any meaningful progress in talks between Russia and Ukraine. West Texas Intermediate crude oil futures for April ended up $3.31 or 3.1% at $109.33 a barrel. WTI crude futures lost 5.5% during the week.
Closer to home, Hong Kong will provide fourth quarter figures for industrial production later today; in the previous three months, industrial production was up 7.8% year-on-year.
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