(RTTNews) – The Hong Kong stock market has risen in three consecutive sessions, rising more than 510 points or 2.5% along the way. The Hang Seng is now just above the 20,200 point plateau, although it is likely to run out of steam on Monday.
The overall forecast for Asian markets suggests consolidation, with weakness expected in the technology and oil sectors. European markets were down and US markets were mixed and little changed and Asian markets were listed to share the difference.
The Hang Seng ended slightly higher on Friday as gains in financials and properties were limited by weakness in oil companies and a mixed picture in technology stocks.
For the day, the index gained 27.90 points or 0.14% to end at 20,201.94 after trading between 20,096.54 and 20,283.59.
Among assets, Alibaba Group fell 2.21%, while ANTA Sports accelerated 2.99%, China Life Insurance improved 1.41%, China Mengniu Dairy climbed 2.35% , China Petroleum and Chemical (Sinopec) lost 0.28%, China Resources Land gained 0.80%, CITIC. and Xiaomi Corporation both gained 0.83%, CNOOC fell 1.25%, Country Garden jumped 3.67%, CSPC Pharmaceutical climbed 3.90%, Galaxy Entertainment rose 0.32% , Hang Lung Properties rose 1.76%, Henderson Land jumped 2.94%, Industrial and Commercial Bank of China collected 0.49%, JD.com lost 0.24%, Lenovo strengthened 2, 58%, Li Ning collected 1.08%, Longfor rose 2.62%, Meituan fell 0.16%, New World Development rose 0.19%, Techtronic Industries jumped 4.16% , WuXi Biologics fell 0.94% percent and Alibaba Health Info, Hong Kong & China Gas and CLP Holdings were unchanged.
Wall Street’s lead is mixed to lower as major averages opened deep in the red on Friday and rallied somewhat, although only the Dow Jones peeked into positive territory.
The Dow Jones added 76.67 points or 0.23% to end at 32,803.47, while the NASDAQ fell 63.04 points or 0.50% to end at 12,657.55 and the S&P 500 fell. fell 6.75 points or 0.16% to close at 4,145.19.
For the week, the NASDAQ jumped 2.2%, the S&P 0.4% and the Dow Jones 0.1%.
The volatility on Wall Street came as traders reacted to the Labor Department’s closely watched monthly jobs report – which showed US employment jumped much more than expected in July, raising concerns about interest rate outlook.
While the data paints a positive picture for the labor market, the report may also give confidence to the Federal Reserve that it can continue to aggressively raise interest rates without causing a recession.
Crude oil prices rose on Friday, buoyed by the jobs report, but still posted a weekly loss amid concerns about demand due to the economic slowdown. West Texas Intermediate crude oil futures for September ended up $0.47 or 0.5% at $89.01 a barrel.
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