Hong Kong Shares Poised To Halt Slide

By RTT News, 
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(RTTNews.com) - The Hong Kong stock market has moved lower now in consecutive trading days, although it has given up just 20 points or 0.1 percent in that span. The Hang Seng Index finished just below the 22,945-point plateau, although now the market draws a higher open on Wednesday.

The global forecast for the Asian markets is upbeat following solid economic data from the United States. The European and U.S. markets were firmly higher on Tuesday, and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished barely lower on Tuesday as losses from the entertainment stocks were offset by a mixed picture from the oil companies and support from the financials.

For the day, the index eased 18.88 points or 0.08 percent to finish at 22,944.30 after trading between 22,984.46 and 22, 886.46 on turnover of 42.38 billion Hong Kong dollars.

Among the actives, Wharf Holdings plunged 3.45 percent, while Galaxy Entertainment lost 0.65 percent, Sands China shed 0.85 percent, China Resources tumbled 2.61 percent, China Petroleum and Chemical (Sinopec) fell 0.43 percent, China Life dipped 0.73 percent, HSBC collected 0.49 percent, Bank of East Asia added 0.78 percent, Hutchison Whampoa climbed 1.19 percent and CNOOC jumped 0.74 percent.

The lead from Wall Street is positive as stocks moved higher on Tuesday, extending the recent upward move by the markets.

The NASDAQ jumped 51.26 point or 1.2 percent to 4,237.07, while the Dow rose 69.23 point or 0.4 percent to 16,675.50 and the S&P 500 climbed 11.38 points or 0.6 percent to 1,911.91.

The strength followed a report from the Commerce Department showing an unexpected increase in durable goods orders in April.

Positive sentiment was also generated by a separate report from the Conference Board showing that consumer confidence improved in line with economist estimates in May.

Additionally, a separate report from Standard & Poor's showed that home prices in major metropolitan areas rose more than expected in March.

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