(RTTNews) – The Hong Kong stock market has climbed higher in six straight sessions, spiking more than 1,340 points or 5.3 percent in that span. The Hang Seng Index now rests just beneath the 27,700-point plateau although investors figure to lock in gains on Thursday.
The global forecast for the Asian markets is fraught with uncertainty after Trump supporters stormed the U.S. Capitol. Markets were mostly higher before this attack but now are likely to open lower.
The Hang Seng finished modestly higher on Wednesday following gains from the property and oil stocks, while the casinos were soft and the financials and insurance companies were mixed.
For the day, the index climbed 42.44 points or 0.19 percent to finish at 27,692.30 after trading between 27,389.78 and 27,756.43.
Among the actives, Meituan surged 4.52 percent, while CNOOC soared 4.25 percent, Xiaomi Corporation plummeted 3.97 percent, WuXi Biologics plunged 3.83 percent, AIA Group tanked 3.65 percent, Alibaba spiked 3.14 percent, China Petroleum and Chemical (Sinopec) accelerated 3.12 percent, CSPC Pharmaceutical rallied 2.91 percent, ANTA Sports jumped 2.63 percent, CITIC climbed 2.15 percent, AAC technologies gathered 1.77 percent, Power Assets tumbled 1.64 percent, China Mengniu Dairy perked 1.36 percent, Sands China skidded 1.32 percent, BOC Hong Kong retreated 1.23 percent, China Life Insurance advanced 1.18 percent, Hong Kong & China Gas sank 1.18 percent, China Resources Land dropped 0.97 percent, Techtronic Industries shed 0.78 percent, Galaxy Entertainment and CK Infrastructure both shed 0.58 percent, New World Development lost 0.54 percent, Industrial and Commercial Bank of China collected 0.21 percent, Ping An Insurance eased 0.16 percent and Sun Hung Kai Properties was unchanged.
The lead from Wall Street is unsettled, to put it kindly. The major averages were higher for much of the day but turned lower in the wake of the chaos in Washington to end mixed.
The Dow soared 437.80 points or 1.44 percent to finish at 30,829.40, while the NASDAQ sank 78.17 points or 0.61 percent to end at 12,740.79 and the S&P perked 21.28 points or 0.57 percent to close at 3,748.28.
Stocks moved to the downside going into the close of trading as supporters of President Donald Trump stormed the U.S. capitol building as lawmakers began the process of certifying President-elect Joe Biden’s victory.
Support earlier in the day came as traders reacted to the results of the highly anticipated Georgia runoff elections on Tuesday. Democratic challengers Jon Ossoff and Rev. Raphael Warnock both won, giving control of the senate to the Democrats.
Democratic control of the House, Senate and White House is seen as a positive for cyclical stocks due to the likelihood of additional fiscal stimulus. But the NASDAQ closed lower as tech stocks could be hurt by the shift into cyclical stocks and higher taxes.
Traders largely shrugged off a report from payroll processor ADP showing an unexpected drop in private sector employment in the U.S. last month.
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