FX.co ★ Hong Kong Shares May Inch Higher On Thursday

On Wednesday, the Hong Kong stock market broke its four-day losing streak where it had plunged almost 900 points or 5.5%. The Hang Seng Index is now hovering just above the 16,250-point mark and may elevate again on Thursday.

The worldwide forecast for Asian markets is mixed to lower, with oil and technology stocks expected to pressure the market. Whereas the European markets had a positive day, the US markets closed in the negative, and as a result, the Asian market is likely to show a mixed reaction.

On Wednesday, the Hang Seng Index finished marginally higher, influenced by gains from the finance sector, a fall in the casino stocks, and varied performances from the technology and property shares.

For the day, the index rose 2.87 points or 0.02% closing at 16,251.84, oscillating between 16,155.83 and 16,316.69.

In terms of activity, Alibaba Group declined 0.66%, while Alibaba Health Info rose by 0.76%. ANTA Sports gained 0.55%, China Life Insurance grew 0.68%, China Mengniu Dairy slid 0.78%, China Resources Land increased by 0.22%, CITIC surged 0.73%, CNOOC fell 0.95%, Country Garden retreated 1.14%, Galaxy Entertainment plummeted 7.07%. Other movers included Industrial and Commercial Bank of China (increased by 0.50%), Lenovo (rose by 0.36%), and Xiaomi Corporation (soared 2.26%).

The Wall Street presented a weak front as the major indices initially opened higher on Wednesday but quickly reverted to the negative, spending most of the day in the red. Dow Jones slipped 0.12% finishing at 37,753.31, NASDAQ fell 1.15% ending at 15,683.37, while S&P 500 dropped 0.58% to close at 5,022.21.

Wall Street's decline was, in part, due to concerns about the outlook for interest rates following statements by Federal Reserve Chair Jerome Powell. Powell hinted that rates are expected to stay high for a longer duration due to the slow progress towards achieving the central bank's inflation target.

The tech-heavy NASDAQ experienced losses resulting from a fall in technology shares, particularly Nvidia. The Philadelphia Semiconductor Index also witnessed a slump.

In oil markets, crude oil prices fell sharply on Wednesday, a trend following modest losses in the two prior sessions, driven by data revealing a surge in US crude oil reserves. West Texas Intermediate crude for May delivery plummeted $2.67 or 3.1% to $82.69 per barrel.