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Hong Kong stocks fluctuate | Petroleum stocks generally rise, as the largest oil field in Libya stops production. The escalated tension in the Middle East may affect the oil supply route.
Petroleum stocks generally rose. As of press time, Kunlun Energy (00135) rose 3.76% to HKD 7.72; CNOOC (00883) rose 3.11% to HKD 20.2; China Oilfield Services (02883) rose 3.03% to HKD 6.71; PetroChina (00857) rose 2.60% to HKD 6.7.
[Brokerage Focus] Zhongtai International: After global risk aversion subsides, Hong Kong stocks are expected to open up upward space.
KingWatch Financial News | China-Thai International released its August outlook for the Hong Kong stock market, as the untying trend of the yen-carry trade exacerbates the fluctuation of global risk assets, Hong Kong stocks may be affected by increased overseas market volatility and fluctuate at low levels. As of July 30, speculative short positions in the yen have been greatly reduced, and the current one-month US dollar against yen 25Delta risk reversal volatility has fallen to its lowest level since mid-2020, indicating that the yen may have a short-term phase top and will boost the rebound of Hong Kong stocks and other risk assets. The bank pointed out that the upward momentum in the current Hang Seng Index profit forecast has been fluctuating repeatedly, and the performance of Hong Kong stocks has been mixed since the earnings season.
Poor economy drags down the market and soaring risk aversion pressures oil prices to plummet.
This week (8.1-8.7), crude oil product overall showed a trend of falling first and then rising. The average price of WTI this week was $74.24 per barrel, a decrease of $2.54 per barrel or -3.31% from the previous week.
Hong Kong Shares 0.9% Lower, Tracking Wall Street's Declines -- Market Talk
Express News | CNOOC - Chinese Governmental Authorities Have Approved Proved Gas in-Place of Lingshui 36-1 Gas Field
Express News | CNOOC - Adds Over 100 Bln Cubic Meters of Proved Gas in-Place
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