Hong Kong Shares May Open Under Water On Wednesday

(RTTNews) - The Hong Kong stock market on Tuesday halted the three-day losing streak in which it had plummeted more than 3,380 points or 14.8 percent. The Hang Seng Index now sits just above the 20,125-point plateau although it figures to open lower again on Wednesday.

The global forecast suggests volatility, with wild swings on deeply discounted stocks tempered by ongoing trade concerns. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The Hang Seng finished sharply higher on Tuesday as the technology stocks and properties were mostly in the green.

For the day, the index rallied 299.38 points or 1.51 percent to finish at 20,127.68 after trading between 19,745.14 and 20,454.26.

Among the actives, Alibaba Group gained 1.18 percent, while Alibaba Health Info accelerated 4.06 percent, ANTA Sports increased 2.05 percent, China Life Insurance collected 1.42 percent, China Mengniu Dairy spiked 5.23 percent, China Resources Land was up 1.05 percent, CITIC eased 0.12 percent, CNOOC jumped 3.33 percent, CSPC Pharmaceutical strengthened 3.16 percent, Galaxy Entertainment dropped 0.95 percent, Haier Smart Home climbed 2.93 percent, Hang Lung Properties slumped 1.17 percent, Henderson Land tumbled 2.15 percent, Hong Kong & China Gas shed 0.31 percent, Industrial and Commercial Bank of China sank 0.60 percent, JD.com surged 8.86 percent, Lenovo skidded 1.06 percent, Li Auto added 1.37 percent, Li Ning advanced 2.29 percent, Meituan rallied 4.69 percent, New World Development improved 2.11 percent, Nongfu Spring rose 1.08 percent, Techtronic Industries tanked 2.50 percent, Xiaomi Corporation soared 6.72 percent and WuXi Biologics stumbled 2.52 percent.

The lead from Wall Street suggests further consolidation as the major averages opened in the green on Tuesday but faded as the day progressed, ending firmly under water.

The Dow stumbled 320.01 points or 0.84 percent to finish at 37,645.69, while the NASDAQ plunged 335.35 points or 2.15 percent to close at 15,267.91 and the S&P 500 dropped 79.48 points or 1.57 percent to end at 4,982.77.

The early rally on Wall Street partly reflected optimism about negotiations on President Donald Trump's new tariffs that could help avoid a global trade war.

Buying waned over the course of the session, however, as tensions over tariffs continue to rise between the U.S. and China.

After showing a strong move to the upside early in the session, the price of crude oil once again came under pressure over the course of the trading day on Tuesday. West Texas Intermediate for May delivery tumbled $1.12 or 1.9 percent to $59.58 a barrel, its lowest level since April 2021.