HK stocks buck regional trend amid midterm jitters
Stocks edged generally lower at the start of Asian trade on Tuesday and oil prices stabilised after the previous session's tumble, with investors on edge with hours to go to the start of voting for the US midterm elections. In Hong Kong, however, the benchmark Hang Seng Index opened up 76 points, or 0.33 percent, at 23,469. The China enterprises index edged up 27 points, or 0.35 percent, to 7,933…
Asian stock markets began trading lower on Tuesday as the US midterm elections drew nearer. However, Hong Kong's Hang Seng Index opened higher by 76 points, or 0.33 percent, reaching 23,469. China's enterprise index and tech index also saw slight increases. Mainland markets, on the other hand, saw declines, with the Shanghai Composite Index falling 13 points and the Shenzhen Component Index dropping 76 points.
Meanwhile, other Asian markets were experiencing more significant losses. The South Korean Kospi Index plunged 143 points, while the Kospi was down 145 points at one point. In the United States, the S&P 500 declined 0.5 percent due to tech-sector earnings and weak US manufacturing data. In the tech sector, Apple shares continued to fall after the company announced lower gross margins and weaker services revenue growth.
Investors are wary of the upcoming US midterm elections, where President Trump's Republican Party is facing a challenge to maintain control of Congress. Polls suggest Democrats have a better chance of winning the House, but the Senate remains uncertain, with prediction markets assigning around a 75 percent probability that Democrats will take control of the Senate.
Despite the political uncertainty, oil prices stabilized after a drop, with Brent crude hovering around US$104.72.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
