ThinkForex - Analytics

    ThinkForex

    461.75 4.25/10
    80% of positive reviews
    Real

    Hong Kong shares 'down on profit taking'

    Profit taking has been witnessed among Hong Kong investors. 

     

    Hong Kong's impressive Hang Seng Index witnessed a fall in its latest full trading session on Tuesday (20 October 2015), sparked by profit taking for several key shares.

     

    Reuters reports concerted gains that have been witnessed for the market in recent weeks have led to the creation of a small profit bubble that investors have now begun to exploit.

     

    Down by 0.37% on Tuesday, the market continues to stand tall at a healthy 22,989.22. It is, however, a sign that further gains over the coming days may be unlikely, especially as investors are looking to capitalise on the strength of the index in general during what is a time of instability in many neighbouring nations. Overall, commodity-related stocks were those worst hit in this latest round of profit taking.

     

    The financial outlook for the region as a whole continues to remain mixed at present, with the latest economic data coming out of China highlighting weaker-than-expected growth during the third quarter.

     

    As a result, the Shanghai Composite Index has peaked and troughed of late, with the latest 1.11% rise for the market serving to wipe away losses registered earlier in the month.

     

    Elsewhere, the ASX All Ordinaries Index continues to hold steady despite strong links to other markets across Asia, with the Australian Index fluctuating around the 5,300-mark for the last few days.

     

    In its latest full session, the ASX was down by 0.62%. Despite this, the outlook remains positive for Australian shares, as gains in commodities like gold - up $5.80 per troy ounce to $1,179.10 today (4.20 pm BST) - could bolster confidence in the market overall.


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree