(RTTNews) – Hong Kong stock market fell for the third consecutive trading day, dropping more than 400 points, or 2.2%. The Hang Seng Index is currently just below the 18,030 point level, but is expected to stop falling on Tuesday.
Global outlook for Asia is mixed, with continued profit taking in technology stocks likely to limit gains. With European markets rising and US markets mostly falling, Asian markets are likely to follow suit.
The Hang Seng Index ended slightly lower on Monday, led by mixed performance from financial, real estate and technology stocks.
The index traded between 17,789.57 and 18,032.67 before closing down 0.81 points or 0.00 percent at 18,027.71.
Among active stocks, Alibaba Group rose 0.07%, while Alibaba Health Information fell 1.43%, ANTA Sports rose 1.09%, China Life Insurance rose 0.35%, China Mengniu Dairy rose 1.37%, China Resources Land fell 0.74%, CITIC rose 0.53%, CNOOC and Xiaomi both fell 0.88%, Country Garden fell 1.98%, CSPC Pharmaceutical fell 0.47%, Galaxy Entertainment fell 1.96%, Hang Lung Properties fell 0.15%, Henderson Land rose 1.42%, Hong Kong China Gas rose 1.74%, Industrial and Commercial Bank of China rose 0.88%, JD.com rose 0.55%, Lenovo fell 2.68%, and Li Ning rose 1.83%. Meituan fell 0.69%, New World Development rose 0.41%, Techtronic Industries rose 0.76%, Wuxi Biological Products surged 2.07% and Nongfu Spring was unchanged.
The lead on Wall Street remained split, with the major stock indexes starting mixed and finishing similarly, with only the Dow finishing in the positive.
The Dow rose 260.88 points, or 0.67%, to finish at 39,411.21, while the Nasdaq lost 192.54 points, or 1.09%, to finish at 17,496.82 and the S&P 500 lost 16.75 points, or 0.31%, to close at 5,447.87.
Wall Street’s weakness came as technology stocks led the market lower, with shares of Nvidia, Dell Technologies and Qualcomm all plummeting on profit-taking.
Traders are also keeping an eye on the Commerce Department’s May personal income and expenditures report due on Friday, which will include a measure of inflation that is said to be favored by the Federal Reserve.
Oil prices rose on Monday on optimism about the demand outlook and potential supply disruptions due to tensions in the Middle East. West Texas Intermediate crude oil futures for August rose $0.90, or 1.1%, to $81.63 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
