Soft Start Likely For Hong Kong Stock Market

Ahead of Tuesday’s unscheduled day off due to Typhoon Nangka, the Hong Kong stock market had ended the two-day slide in which it had fallen more than 120 points or 0.5 percent. The Hang Seng Index now rests just beneath the 24,650-point plateau and it may open in the red again on Wednesday.

The global forecast for the Asian markets is soft on profit taking and on concerns for a COVID-19 vaccine. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The Hang Seng finished sharply higher on Monday following gains from the financials, properties and insurance companies.

For the day, the index surged 530.55 points or 2.20 percent to finish at 24,649.68 after trading between 24,196.80 and 24,702.81.

Among the actives, Xiaomi Corporation skyrocketed 8.35 percent, while WuXi Biologics surged 5.82 percent, Industrial and Commercial Bank soared 5.74 percent, CITIC spiked 3.17 percent, China Resources Land accelerated 2.91 percent, China Mengniu Dairy rallied 2.54 percent, Alibaba jumped 2.03 percent, BOC Hong Kong collected 1.88 percent, Ping An Insurance climbed 1.79 percent, China Mobile gathered 1.70 percent, Hengan International tumbled 1.60 percent, Power Assets perked 1.46 percent, China Life Insurance advanced 1.45 percent, New World Development added 1.31 percent, China Petroleum and Chemical (Sinopec) gained 1.26 percent, CSPC Pharmaceutical and Wharf Real Estate both rose 1.15 percent, Hong Kong & China Gas increased 0.89 percent, Techtronic Industries improved 0.75 percent, AAC technologies lost 0.45 percent, Galaxy Entertainment fell 0.38 percent, WH Group was up 0.16 percent, CNOOC eased 0.13 percent and Sands China was unchanged.

The lead from Wall Street is negative as stocks opened lower and largely remained that way, finishing in the red after three straight sessions of gains.

The Dow sank 157.71 points or 0.55 percent to finish at 28,679.81, while

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