(RTTNews) - The Hong Kong stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day winning streak in which it had rallied almost 550 points or 2.2 percent. The Hang Seng Index now rests just above the 25,660-point plateau and it's poised to open to the upside on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with energy and technology stocks expected to provide support. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The Hang Seng finished modestly lower on Monday following losses from the financial shares, property stocks and technology companies. For the day, the index tumbled 232.69 points or 0.90 percent to finish at 25,660.85 after trading between 20,868.36 and 28,056.10. Among the actives, AIA skidded 1.74 percent, while Alibaba Group declined 1.83 percent, Baidu lost 1.10 percent, BOC Hong Kong contracted 1.80 percent, BYD surged 4.95 percent, China Construction Bank was down 0.36 percent, China Life Insurance dipped 0.37 percent, China Merchants Bank eased 0.56 percent, China Petroleum & Chemical climbed 0.86 percent, China Shenhua Energy jumped 0.89 percent, CITIC improved 0.79 percent, CNOOC added 0.45 percent, HSBC and Hong Kong Exchange both slid 0.64 percent, Industrial and Commercial Bank of China perked 0.14 percent, JD.com advanced 0.81 percent, Meituan sank 1.31 percent, NetEase dropped 1.51 percent, Nongfu Spring shed 1.27 percent, PetroChina rallied 1.57 percent, Ping An Insurance slumped 1.75 percent, Semiconductor Manufacturing retreated 1.89 percent, Sun Hung Kai Properties tumbled 2.09 percent, Tencent Holdings plummeted 2.87 percent, Xiaomi Corporation slipped 0.78 percent, WuXi AppTec fell 1.00 percent, Zijin Mining gained 0.33 percent and Bank of China and China Mobile were unchanged.
The lead from Wall Street is positive as the major averages opened under water on Monday but quickly trended to the upside and into the green, finishing at daily highs.
The Dow climbed 301.68 points or 063 percent to finish at 48,218.25, while the NASDAQ jumped 280.84 points or 1.23 percent to close at 23,183.74 and the S&P 500 rallied 69.35 points or 1.02 percent to end at 6,886.24.
The strength that emerged on Wall Street came as traders kept an eye on developments in the Middle East after weekend talks between the U.S. and Iran failed to produce an agreement.
Crude oil prices surged on Monday after U.S. President Donald Trump imposed a blockade on ships transiting to and from Iran via the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $2.67 or 2.76 percent at $99.24 per barrel. While the news contributed to a significant increase by the price of crude oil, traders seem optimistic Trump will back down once again and avoid a return to war.
Traders were also looking ahead to the start of earnings season, with companies largely expected to report strong financial results despite the Middle East conflict.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
