The Hong Kong stock market has seen an upward trend for two consecutive sessions, gaining over 235 points or 1.2%. The Hang Seng Index is currently positioned slightly above the 19,660 mark and is anticipated to continue its upward movement on Wednesday.
The global outlook for Asian markets is mixed but largely positive, with expected support from the oil and technology sectors. While European markets experienced a downturn, U.S. markets were predominantly higher, suggesting a favorable trend for Asian markets to follow.
On Tuesday, the Hang Seng showed modest gains, driven by advancements in property and technology stocks. The index added 87.06 points or 0.44%, closing at 19,663.67, after fluctuating between 19,522.59 and 19,758.57.
In terms of specific performances, Alibaba Group decreased by 1.22%, whereas Alibaba Health Info increased by 0.53%. ANTA Sports saw a 1.06% rise, China Life Insurance edged up by 0.26%, and China Mengniu Dairy improved by 1.56%. Other notable performers included CITIC, which rose by 1.58%, CNOOC up by 0.70%, CSPC Pharmaceutical advancing by 1.17%, and Henderson Land rising by 1.63%. Meanwhile, JD.com saw a slight decline of 0.15%, while Li Auto surged significantly by 3.00%. Xiaomi Corporation faced a decline of 1.74%, with WuXi Biologics making a remarkable increase of 2.29%.
Wall Street signals a cautiously optimistic view after major indices opened lower on Tuesday. However, the NASDAQ and S&P 500 closed on higher notes. The Dow slipped by 120.66 points or 0.28%, closing at 43,268.94. Meanwhile, the NASDAQ ascended by 195.66 points or 1.04%, ending at 18,987.47, and the S&P 500 added 23.36 points or 0.40%, closing at 5,916.98.
Initial declines on Wall Street were driven by concerns over escalating U.S.-Russia tensions related to the conflict in Ukraine. Following President Joe Biden's authorization for Ukraine to use U.S.-manufactured long-range missiles on Russian territory, Russian President Vladimir Putin responded by modifying the country's nuclear doctrine. Despite these tensions, selling pressure eased, notably with Nvidia's shares contributing to the NASDAQ's reversal. Nvidia is expected to announce its Q3 results later today.
In oil markets, futures closed higher on Tuesday amid fears of potential supply disruptions after Ukraine utilized U.S.-made long-range missiles to target a facility in Russia’s Bryansk region. West Texas Intermediate Crude oil futures for December increased by $0.23 or approximately 0.3%, settling at $69.39 a barrel.