Search Mark
Home / Global Stock Markets

US Markets Closed for Memorial Day, Hong Kong Stocks Rise

US Markets Closed for Memorial Day, H.K. Stocks Rise

Due to Memorial Day in the US and the Spring Bank Holiday in the UK, both markets are closed today.

The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures (PCE) index, will be released this Thursday. Economists expect the report to show positive signals, indicating that inflation has not stalled. On Monday, gold and silver prices both rose, each gaining over 1% during the day.

US Stocks

US markets are closed today in observance of Memorial Day.

Hong Kong Stock Market

 Fundamental Analysis: 

Hong Kong’s three major indices rose collectively. Tech stocks broadly increased, with Tencent up nearly 2%, Baidu and NetEase rising over 1%, while Xiaomi fell.

Leading the gains were oil stocks, with PetroChina up over 3%. Coal stocks were active, with Mongolian coking coal rising over 6%.

Semiconductor stocks continued their rally from the previous day, with Shanghai Fudan up nearly 3%. Internet healthcare stocks surged, led by Alibaba Health, which jumped over 12%.

EDA Group Holdings surged nearly 36% on its debut, while Evergrande Auto, which surged yesterday, fell nearly 20%.

Oil stocks led the gains, with PetroChina up over 3%. Goldman Sachs raised its global oil demand forecast for 2030 and projected that consumption will peak by 2034 due to a slower adoption rate of electric vehicles. Refinery capacity utilization is expected to remain above average until the late 2020s.

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index: up 0.57%, to 18,934.74
  • Hang Seng Tech Index: up 0.79%, to 3,894.91
  • Hang Seng China Enterprises Index: up 0.65%, to 6,731.29

FTSE China A50 Index

 Fundamental Analysis: 

Mainland China’s three major indices adjusted in the morning session, with the Shanghai Composite slightly up by 0.01% after recovering from a dip. The power and grid sectors continued to surge.

The power and grid equipment sectors saw substantial gains, with several stocks, including CSG International, Meiyan Jixiang, Mingxing Power, Shennan Electric, Jinli Huadian, Jiangsu Huacheng, and China Electric Power Institute, hitting the daily limit.

The semiconductor sector maintained its strength from the previous day, with Broadcom Integration, Shanghai Belling, TaiJi Semiconductor, and Yangfan New Materials all hitting the daily limit.

The non-ferrous metals sector also strengthened, with Huayu Mining hitting a daily limit and Xingye Tin reaching a new high. Conversely, cross-border e-commerce stocks weakened, with Save Day, Worth Buying, and Santai Holdings each falling over 8%.

Technical Analysis:  

(SSE Composite Index, 1-day chart) 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index: up 0.01%, to 3,124.23
  • Shenzhen Component Index: down 0.60%, to 9,450.43
  • ChiNext Index: down 0.72%, to 1,817.74
  • STAR Market 50 Index: up 0.31%, to 740.92

Risk Disclosure
Trading in financial instruments involves high risks due to the fluctuation in the value and prices of the underlying financial instruments. Due to the adverse and unpredictable market movements, large losses exceeding the investor’s initial investment could incur within a short period of time. The past performance of a financial instrument is not an indication of its future performance. Investments in certain services should be made on margin or leverage, where relatively small movements in trading prices may have a disproportionately large impact on the client’s investment and the client should therefore be prepared to suffer significant losses when using such trading facilities.

Please ensure you read and fully understand the trading risks of the respective financial instrument before engaging in any transaction with Doo Prime’s trading platforms. You should seek independent professional advice if you do not understand any of the risks disclosed by us herein or any risk associated with the trade and investment of financial instruments. Please refer to Doo Prime’s Client Agreement and Risk Disclosure Statement to learn more.

Share to

Global Stock Markets

US Markets Closed, Goldman Forecasts Election-Driven Inflation

US markets were closed for Juneteenth, Goldman Sachs strategists believe that elections pose the greatest risk to US inflation and bond returns.

2024-6-20 | Global Stock Markets

S&P and Nasdaq Hit New Highs, Nvidia Tops Market Cap

S&P 500 and Nasdaq reaching new record highs. The AI boom propelled Nvidia to surpass Microsoft, making it the world's most valuable company.

2024-6-19 | Global Stock Markets

US Stocks Mixed, Microsoft and Apple Set Record Closes

US stocks closed mixed, with the S&P 500 and Nasdaq hitting new record highs. Microsoft and Apple gained over 1%, setting new all-time closing highs.

2024-6-18 | Global Stock Markets