July 21, 2024

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Support Expected At 18,000 Points

2 min read

The Hong Kong stock market has moved lower in two straight session, sinking more than 400 points or 2.2 percent along the way. The Hang Seng Index now rests just beneath the 18,030-point plateau although it’s likely to halt its slide on Monday.

The global forecast for the Asian markets is weak, with oil and technology stocks likely to weigh on the markets. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The Hang Seng finished sharply lower on Friday with damage across the board, especially among the financials, properties and technology companies.

For the day, the index tumbled 306.78 points or 1.67 percent to finish at 18,028.52 after trading between 17,968.37 and 18,240.13.

Among the actives, Alibaba Group skidded 1.91 percent, while Alibaba Health Info rose 0.29 percent, ANTA Sports slumped 2.07 percent, China Life Insurance was down 0.88 percent, China Mengniu Dairy lost 1.64 percent, China Resources Land slipped 1.28 percent, CITIC sank 1.83 percent, CNOOC tanked 3.19 percent, Country Garden gained 0.80 percent, CSPC Pharmaceutical fell 1.55 percent, Galaxy Entertainment shed 1.67 percent, Hang Lung Properties plummeted 4.60 percent, Henderson Land stumbled 2.08 percent, Hong Kong & China Gas declined 2.55 percent, Industrial and Commercial Bank of China slid 1.31 percent, JD.com retreated 2.58 percent, Lenovo eased 0.66 percent, Li Ning tumbled 2.78 percent, Meituan surrendered 3.09 percent, New World Development plunged 3.60 percent, Techtronic Industries weakened 1.97 percent, Xiaomi Corporation dropped 1.84 percent and WuXi Biologics dipped 1.02 percent.

The lead from Wall Street is soft as the major averages opened lower on Friday and ultimately finished mixed but little changed.

The Dow added 15.53 points or 0.04 percent to finish at 39,150.33, while the NASDAQ shed 32.24 points or 0.18 percent to end at 17,689.36 and the S&P 500 dipped 8.55 points or 0.16 percent to close at…

2024-06-23 21:18:41

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