The Hong Kong stock market bounced higher again on Friday, one day after it had ended the two-day winning streak in which it had jumped more than 550 points or 2.3 percent. The Hang Seng Index now rests just above the 24,385-point plateau and it’s expected to remain rangebound on Monday.
The global forecast for Asian markets is murky, clouded by uncertainty regarding stimulus in the United States. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The Hang Seng finished modestly higher on Friday as gains from the financials, insurance companies and technology stocks were capped by weakness from the property sector.
For the day, the index climbed 229.29 points or 0.94 percent to finish at 24,386.79 after trading between 24,194.41 and 24,456.97.
Among the actives, CSPC Pharmaceutical plummeted 5.06 percent, while Industrial and Commercial Bank of China surged 4.25 percent, China Life Insurance soared 3.82 percent, CITIC spiked 3.73 percent, Alibaba rallied 3.23 percent, Xiaomi accelerated 3.12 percent, China Mengniu Dairy plunged 2.37 percent, Hang Lung Properties tanked 1.90 percent, WuXi Biologics jumped 1.79 percent, Sands China climbed 1.11 percent, Galaxy Entertainment gathered 1.08 percent, Hong Kong & China Gas tumbled 1.07 percent, Henderson Land skidded 1.03 percent, Ping An Insurance perked 0.91 percent, BOC Hong Kong collected 0.71 percent, AIA Group sank 0.70 percent, Techtronic Industries advanced 0.67 percent, China Mobile dropped 0.50 percent, AAC Technologies added 0.46 percent, China Resources Land shed 0.28 percent, WH Group gained 0.16 percent, CNOOC lost 0.14 percent, New World Development fell 0.13 percent, Power Assets rose 0.12 percent, Sun Hung Kai Properties dipped 0.05 percent and China Petroleum and Chemical (Sinopec) and Hengan International were unchanged.
The lead from Wall Street is uninspired after stocks opened higher on Friday