Hong Kong stocks are expected to open in the red on Monday
(RTTNews) – The Hong Kong stock market on Friday ended a four-day losing streak in which it fell more than 1,530 points, or 6%. The Hang Seng Index now sits just above the 24,920 point plateau, although it may head south again on Monday.
Global forecasts for Asian markets are weak on falling crude oil prices and the outlook for interest rates. European and US markets were down and Asian stock exchanges are expected to open similarly.
The Hang Seng ended sharply higher on Friday following mixed performances from properties, casinos and tech stocks.
For the day, the index climbed 252.91 points or 1.03% to end a daily high of 24,920.76 after hitting a low of 24,424.74.
Among assets, AAC Technologies grew 1.39%, while Alibaba Group grew 2.24%, Alibaba Health Info rose 8.88%, ANTA Sports rose 3.09%, China Life Insurance slipped 1.22%, China Mengniu Dairy accelerated 3.84%, China Petroleum and Chemical (Sinopec) was down 1.02%, China Resources Land jumped 3.64%, CITIC lost 1 , 77%, CNOOC plunged 1.94%, Country Garden rose 3.00%, CSPC Pharmaceutical rose 5.01%, Galaxy Entertainment strengthened 2.69%, Hang Lung Properties added 1, 71%, Henderson Land fell 0.30%, Hong Kong & China Gas fell 0.49%, Industrial and Commercial Bank of China fell 0.46%, Li Ning soared 5.48%, Longfor fell 1.36%, Meituan soared 3.53%, New World Development sank 0.57%, Sands China fell 2.84%. , Sun Hung Kai Properties rose 0.19%, Techtronic Industries fell 0.80%, Xiaomi Corpor ation gained 1.55 percent, WuXi Biologics jumped 5.76 percent and AIA Group remained unchanged .
Wall Street’s lead is firmly negative as the major averages opened lower on Friday and stayed that way throughout the session.
The Dow lost 166.44 points or 0.48% to end at 34,584.88, while the NASDAQ lost 137.96 points or 0.91% to end at 15,043.97 and the S&P 500 lost 40 , 76 points or 0.91% to close at 4,432.99. For the week, the Dow Jones fell 0.1%, the NASDAQ lost 0.5%, and the S&P fell 0.6%.
The weakness on Wall Street came as traders anticipated the Federal Reserve’s highly anticipated monetary policy meeting next week. The Fed is expected to leave its monetary policy unchanged, but may revise the outlook for its asset purchase program.
The minutes from the last Fed meeting signaled that the central bank could start cutting back on asset purchases by the end of the year. With recent disappointing economic data suggesting the Fed may delay, traders will pay close attention to the wording of the post-meeting statement.
Crude oil futures moved lower on Friday following reports of the restoration of crude supplies after Hurricanes Ida and Nicholas affected production in the Gulf of Mexico. The strength of the dollar has also led to lower crude oil prices. West Texas Intermediate crude oil futures for October fell $ 0.64 or 0.9% to $ 71.97 a barrel. WTI crude futures gained more than 3% on the week.
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