Hong Kong blue chips opened 85 points higher following gains on Wall Street, but lost ground in profit-taking. Chinese stocks could see a technical rebound this week.
The wave of selling from Wall Street swept Hong Kong, with the blue-chip index plunging back below 20,000 in higher turnover. Chinese banks and resources plays help lead the way down.
Hong Kong blue chips opened 65 points lower and continued to fall, dragged down by big declines in Chinese bank stocks. Worry about declining asset values hit big banks.
Chinese stocks traded lower, ending the week's nice run for investors. Profit-taking emerged when the Hang Seng approached the formidable 21,000 resistance level.
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Gold ended marginally lower but downside was limited as the Dollar softens on Thursday due to sluggish claims data. Silver prices rallied on Thursday. The International Monetary Fund trimmed its forecast for global economic growth this year, citing recent weakness in the United States. But the IMF said growth prospects for next year remain undimmed, despite Greece's debt crisis and recent volatility in Chinese financial markets.
The Euro strengthened after Greece proposed reforms similar to those demanded by creditors in return for a financial bailout, boosting the chances the nation will remain in the currency union and reviving risk appetite.
A flight away from risk continued to push China and Hong Kong stocks down, although losses and turnover were lower than on Wednesday. Chinese insurers tumbled, but rising gold prices helped gold producers.
Hong Kong blue chips opened 361 points higher following big gains in the U.S. but finshed up only 25 points. China aviation stocks rose 2-3% due to appreciation of the Chinese currency.
After a long, frightening battle, on Monday U.S. politicians acted to take a catastrophic U.S. default off the table. And after weeks of growth stunted partly because of worries about that default, China stocks in Hong Kong are poised to rise.
Hong Kong blue chips opened 10 points lower, but gains in Shanghai helped them soar above the 10-day moving average. The blue-chip Hang Seng Index rose 2.0%, and the index of Chinese companies gained 3.3% in moderate turnover.
Chinese and Hong Kong stocks opened sharply higher as turmoil in global markets seemed to subside temporarily and China is expected to announce steps to improve the local economy in Li Keqiang's visit this week.
China stocks ended a week-long rally on concerns over a Chinese interest rate increase and lack of a plan to tackle European debt. More seesaw action is to be expected.
Better-than-expected results by Chinese companies propelled Hong Kong and China stocks higher. But weak turnover was dominated by short-term traders watching the U.S. Federal Reserve Board.
Hong Kong blue chips broke above the 25,000 barrier after visiting Chinese Vice Premier Li announced new measure for RMB use in Hong Kong, but fell back due to profit-taking.
Hong Kong opened lower after Tuesday's sharp rise and retreated further in the early afternoon in line with a drop in Asian and Mainland Chinese markets but gained back some losses before closing.
The short-term traders who dominate China stocks these days pushed prices sharply lower Monday, seizing on news Greece may not meet its debt reduction targets and on growing worry over bad loans at Chinese banks.
The financial sector got a boost on Monday as relief regarding the minimal damage from Irene helped insurers make 10-plus percent gains for the day. Bank of America was shot up on the new that they would shed half their holdings in Chinese Bank CCB in order to improve their balance sheet.
Hong Kong and Chinese blue chips continued this weeks' surge Thursday morning but fell back in the afternoon after approaching strong technical resistance.