Hong Kong Stock Market May Run Out Of Steam On Thursday

(RTTNews) - The Hong Kong stock market has climbed higher in three straight sessions, gaining more than 550 points or 2.2 percent in that span. The Hang Seng Index now rests just above the 26,025-point plateau although the rally may stall on Thursday.

The global forecast for the Asian markets is negative on pessimism over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished modestly higher on Wednesday following gains from the financial shares, property stocks and technology companies.

For the day, the index improved 156.88 points or 0.61 percent to finish at 26,025.42 after trading between 25,791.82 and 26,117.95.

Among the actives, Alibaba Group soared 2.30 percent, while Alibaba Health Info added 0.39 percent, ANTA Sports dropped 1.26 percent, China Life Insurance strengthened 1.04 percent, China Mengniu Dairy dipped 0.12 percent, China Resources Land tumbled 1.99 percent, CITIC jumped 1.23 percent, CNOOC slumped 1.74 percent, CSPC Pharmaceutical expanded 0.88 percent, Galaxy Entertainment vaulted 1.09 percent, Haier Smart Home perked 0.08 percent, Hang Lung Properties climbed 0.97 percent, Hengan International plunge 3.19 percent, Henderson Land surged 2.51 percent, Hong Kong & China Gas increased 0.41 percent, Industrial and Commercial Bank of China collected 0.46 percent, JD.com advanced 0.62 percent, Lenovo rallied 1.26 percent, Li Auto plummeted 6.24 percent, Li Ning eased 0.10 percent, Meituan gained 0.38 percent, New World Development spiked 1.96 percent, Nongfu Spring fell 0.18 percent, Techtronic Industries improved 0.45 percent, Xiaomi Corporation sank 0.62 percent and WuXi Biologics accelerated 1.66 percent.

The lead from Wall Street is weak as the major averages opened lower on Wednesday and moved deeper into the red as the day progressed, ending at session lows.

The Dow tumbled 768.11 points or 1.63 percent to finish at 46,225.15, while the NASDAQ dropped 327.11 points or 1.46 percent to close at 22,152.42 and the S&P 500 sank 91.39 points or 1.36 percent to end at 6,624.70.

The weakness early in the day came following the release of a Labor Department report showing producer prices in the U.S. increased by much more than expected in February.

Following that early pullback, stocks saw further downside in late-day trading following Federal Reserve Chair Jerome Powell's comments after the central bank announced its widely expected decision to leave interest rates unchanged.

Powell said the U.S. is seeing "some progress on inflation" but "not as much as we had hoped." While Fed officials' latest projections predict a quarter point rate cut this year, Powell warned that "you won't see the rate cut" if there isn't further progress on inflation.

Crude oil prices ticked lower on Wednesday after Iraq said it has resumed oil production, bypassing the Strait of Hormuz by going through Turkey. West Texas Intermediate crude for April delivery eased $0.18 or 0.19 percent at $96.39 per barrel.