The Hong Kong stock market has experienced a downturn over the past three sessions, decreasing by more than 480 points or approximately 2.6%. The Hang Seng Index currently hovers just below the 19,280 mark, but it might find some support on Thursday.
The outlook for the Asian markets suggests a flat and directionless trajectory due to conflicting signals about interest rate forecasts. Both the European and U.S. markets displayed mixed and marginal changes, a trend that the Asian markets are expected to emulate.
On Wednesday, the Hang Seng concluded with a modest decline, largely attributed to downturns in the property and technology sectors. Specifically, the Index fell by 167.74 points, or 0.86%, to close at 19,279.84. During the day's trading, fluctuations ranged between 19,111.54 and 19,483.59.
Among the active stocks, Alibaba Group fell by 0.61%, while Alibaba Health Info and CLP Holdings each decreased by 0.31%. ANTA Sports saw a drop of 1.76%, China Life Insurance by 1.00%, and China Mengniu Dairy by 1.83%. China Resources Land decreased by 0.68%, CITIC by 0.59%, while CNOOC had a slight increase of 0.21%. CSPC Pharmaceutical significantly dipped by 2.00%, Galaxy Entertainment by 1.04%, and Haier Smart Home surged by 2.85%. Other notable movements included Hang Lung Properties, down 0.16%; Henderson Land, down 2.18%; and Hong Kong & China Gas, down 0.49%. Industrial and Commercial Bank of China increased by 0.61%, JD.com by 0.22%, but Lenovo fell by 1.95%, Li Auto by 1.40%, and Meituan by 1.34%. New World Development decreased by 2.65%, while Nongfu Spring rose by 0.31%. Techtronic Industries saw a sharp decline of 4.72%, Xiaomi Corporation fell by 3.95%, and WuXi Biologics rose by 1.85%.
Meanwhile, the performance on Wall Street was largely stagnant. Major indices opened slightly lower, oscillated throughout the day, and ultimately ended mixed and mostly unchanged.
This indecisive trading was driven by uncertainty regarding interest rate forecasts, following the release of mixed U.S. employment data. ADP reported a sharper-than-anticipated slowdown in private sector job growth for December. In contrast, the Labor Department revealed that weekly jobless claims fell unexpectedly, reaching their lowest point in nearly 11 months.
Although the Federal Reserve released minutes from its recent monetary policy meeting, these documents offered limited clarity on future interest rate directions, suggesting only a "careful approach" in future decisions.
Additionally, oil futures dropped on Wednesday, influenced by a significant rise in gasoline inventories and a stronger dollar, which collectively depressed oil prices. West Texas Intermediate crude oil futures for February concluded the session down by $0.93, or 1.25%, settling at $73.32 per barrel.
The material has been provided by InstaForex Company -
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