(RTTNews) – The Hong Kong stock market ended a three-day winning streak on Monday in which it advanced more than 510 points or 2.5%. The Hang Seng now rests just below the 20,050 plateau and is likely to be limited in this area on Tuesday.
The global outlook for Asian markets ranges from flat to slightly higher, with easing recession fears being offset by interest rate concerns. European markets were slightly higher and US markets were mixed and little changed and Asian markets figured to share the difference.
The Hang Seng ended slightly lower on Monday as losses in tech and real estate stocks were offset by support from oil companies.
For the day, the index fell 156.17 points or 0.77% to end at 20,045.77 after trading between 19,954.04 and 20,171.89.
Among assets, Alibaba Group fell 4.41%, while Alibaba Health Info fell 0.21%, ANTA Sports fell 2.68%, China Life Insurance collected 0.17%, China Mengniu Dairy climbed 1.29%, China Petroleum and Chemical (Sinopec) jumped 1.40%, China Resources Land lost 0.32%, CITIC and Industrial and Commercial Bank of China both rose 0.24 %, CNOOC rose 1.26%, Country Garden plunged 3.81%, CSPC Pharmaceutical fell 0.70%, Galaxy Entertainment fell 0.74%, Hang Lung Properties slipped 1.31 %, Henderson Land was down 1.07%, Hong Kong & China Gas added 0.49%, JD.com fell 3.26%, Lenovo lost 0.42%, Li Ning was down 2.83%, Longfor fell 2.94%, Meituan fell 2.13%, New World Development gained 0.38%, Techtronic Industries fell 1.38%, Xiaomi Corporation fell 3.60 % and WuXi Biologics fell 0.27%.
Wall Street’s advance offers little guidance as major averages were unable to sustain strong early gains, eventually hugging the line and finishing mixed.
The Dow Jones rose 29.07 points or 0.09% to end at 32,832.54, while the NASDAQ fell 13.10 points or 0.10% to end at 12,644.46 and the S&P 500 fell 5.13 points or 0.12% to close at 4,140.06.
Initial strength on Wall Street extended a recent uptrend; Easing concerns about a potential recession may have helped the upward move continue after last week’s much stronger than expected jobs data.
However, buying interest waned during the session as strong jobs data raised the likelihood of another 75 basis point interest rate hike by the Federal Reserve next month.
Traders may also have been reluctant to make significant bets ahead of the release of closely watched US inflation data later this week.
Crude oil prices rebounded from early losses and rose sharply on Monday, with data showing a significant increase in China’s oil purchases so far this month. West Texas Intermediate crude oil futures for September ended up $1.75 or 2% at $90.76 a barrel.
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