Hong Kong Stock Market Has Flat Lead For Thursday's Trade

(RTTNews) - The Hong Kong stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day slide in which it had slumped more than 480 points or 2.7 percent. The Hang Seng Index now sits just above the 19,365-point plateau and it's expected to remain rangebound again on Thursday.

The global forecast for the Asian markets is murky as investors digest Wednesday's FOMC rate decision. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to follow the latter lead.

The Hang Seng finished modestly lower on Wednesday following mixed performances from the technology stocks, financials and properties.

For the day, the index dropped 69.26 points or 0.36 percent to finish at 19,365.14 after trading between 19,245.66 and 19,404.50.

Among the actives, Alibaba Group declined 1.37 percent, while Alibaba Health Info surged 2.46 percent, ANTA Sports and Hang Lung Properties both sank 0.52 percent, China Life Insurance collected 0.33 percent, China Mengniu Dairy added 0.54 percent, China Resources Land advanced 0.88 percent, CITIC tanked 2.10 percent, CNOOC fell 0.16 percent, Country Garden plummeted 7.68 percent, CSPC Pharmaceutical shed 0.47 percent, Galaxy Entertainment spiked 2.15 percent, Henderson Land lost 0.21 percent, Hong Kong & China Gas rallied 0.93 percent, Industrial and Commercial Bank of China retreated 1.08 percent, JD.com tumbled 1.84 percent, Lenovo slumped 0.85 percent, Li Ning plunged 2.15 percent, Meituan perked 0.07 percent, Techtronic Industries soared 2.37 percent, Xiaomi Corporation dropped 0.70 percent, WuXi Biologics improved 0.84 percent and New World Development was unchanged.

The lead from Wall Street offers little guidance as the major averages opened lower on Wednesday but recovered enough to finish mixed and little changed.

The Dow gained 82.05 points or 0.23 percent to finish at 35,520.12, while the NASDAQ fell 17.27 points or 0.12 percent to close at 14,127.28 and the S&P 500 dipped 0.71 points or 0.02 percent to end at 4,566.75.

The late-day action came after the Fed announced its widely expected decision to resume raising interest following a pause last month, raising the target range for the federal funds rate by 25 basis points from 5.25 to 5.50 percent. With the increase, the midpoint of the target range is the highest since early 2001.

The decision to increase rates came as the Fed noted inflation remains elevated, while U.S. economic activity has been expanding at a moderate pace and job gains have been robust in recent months.

In his post-meeting press conference Fed Chair Jerome Powell said it is possible the central bank could raise rates again in September or hold steady, noting the central bank plans to take a meeting by meeting approach.

Crude oil prices fell Wednesday, weighed down by data showing a smaller than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September fell $0.85 or 1.1 percent at $78.78 a barrel.

Closer to home, The Hong Kong Monetary Authority will wrap up its monetary policy meeting later today and announce its decision on interest rates; the HKMA is expected to hold its benchmark lending rate steady at 5.50 percent.