The Hong Kong stock market on Wednesday snapped the two-day winning streak in which it had accelerated more than 1,000 points or 4.4 percent. The Hang Seng Index now rests just above the 23,970-point plateau although it's expected to bounce higher again on Thursday.
The global forecast for the Asian markets is firm on optimism regarding both the coronavirus and the crude oil price war. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets are tipped to follow the latter lead.
The Hang Seng finished sharply lower on Wednesday following losses from the financial shares, properties, casinos and oil and insurance companies.
For the day, the index lost 282.92 points or 1.17 percent to finish at 23,970.37 after trading between 23,897.40 and 24,191.32.
Among the actives, CNOOC plummeted 3.02 percent, while China Mobile plunged 2.69 percent, WH Group tumbled 2.40 percent, Techtronic Industries surged 2.33 percent, CITIC and China Life Insurance both tanked 2.27 percent, China Petroleum and Chemical (Sinopec) skidded 1.99 percent, Industrial and Commercial Bank of China dropped 1.90 percent, Galaxy Entertainment sank 1.85 percent, China Resources Land shed 1.69 percent, New World Development lost 0.79 percent, Hong Kong & China Gas and Ping An Insurance both fell 0.72 percent, AIA Group slid 0.69 percent, Tencent Holdings dipped 0.67 percent, Sands China slipped 0.52 percent, BOC Hong Kong was down 0.42 percent, CSPC Pharmaceutical eased 0.37 percent and Henderson Land was unchanged.
The lead from Wall Street is broadly positive as stocks fluctuated early in Wednesday's trade before surging in the afternoon.
The Dow soared 779.71 points or 3.44 percent to finish at 23,433.57, while the NASDAQ spiked 203.64 points or 2.58 percent to 8,090.90 and the S&P 500 surged 90.57 points or 3.41 percent to end at 2,749.98.
Stocks continued to benefit from optimism that some of the countries hit hardest by the Covid-19 pandemic are flattening the infection curve as the number of new cases has decreased in recent days after reaching a peak last Friday.
Further buying interest was generated in reaction to news Senator Bernie Sanders, I-Vt., dropped out of the race for the Democratic presidential nomination - which soothed investors concerned about the self-described Democratic Socialist enacting his more progressive policies.
Crude oil prices rose sharply on Wednesday, rebounding from losses in previous sessions ahead of today's crucial production meeting between OPEC and its allies. West Texas Intermediate Crude oil futures for May ended up $1.46 or 6.2 percent at $25.09 a barrel.
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