U.S. equities remained on a bumpy ride overnight (11th), commented Stanley Chik, a research head at Bright Smart. Driven by the rally of technology shares, the three major U.S. indices advanced earlier in the session. The upward momentum, however, was curbed by the hawkish comments from Federal Reserve officials later in the day, leading the three indices to close down. Nasdaq, in particular, eroded 373 pts or 3.2%, to close at 11,364.
As for the Hong Kong market, the HSI once recuperated to above 20,000, on the back of the satisfactory performance from A-shares and rebound of new economy stocks. The index closed at 19,824, up 190 pts, on a turnover of $126.1 billion. Among the constituent stocks, autos were particularly brisk, with GEELY AUTO (00175.HK) and BYD COMPANY (01211.HK) climbing 6.8% and 8.5%, respectively.
Following the sharp declines posted by U.S. stocks, the HSI will likely open down today. Should the A-shares manage to maintain the rising momentum, the H-shares should be supported by a certain extent. However, Chik remarked that the overall sentiment remains uncertain, with the investment sentiment vexed by the looming concerns about inflation and potential recession. The HSI, therefore, may test lower at 19,200, Chik anticipated.
(The author is the licensee of SFC, who does not hold the related shares)
As for the Hong Kong market, the HSI once recuperated to above 20,000, on the back of the satisfactory performance from A-shares and rebound of new economy stocks. The index closed at 19,824, up 190 pts, on a turnover of $126.1 billion. Among the constituent stocks, autos were particularly brisk, with GEELY AUTO (00175.HK) and BYD COMPANY (01211.HK) climbing 6.8% and 8.5%, respectively.
Following the sharp declines posted by U.S. stocks, the HSI will likely open down today. Should the A-shares manage to maintain the rising momentum, the H-shares should be supported by a certain extent. However, Chik remarked that the overall sentiment remains uncertain, with the investment sentiment vexed by the looming concerns about inflation and potential recession. The HSI, therefore, may test lower at 19,200, Chik anticipated.
(The author is the licensee of SFC, who does not hold the related shares)