More Damage Expected For Hong Kong Market

By RTT News, 
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(RTTNews.com) - Ahead of Tuesday's holiday for the Buddha's birthday, the Hong Kong stock market had alternated between positive and negative finishes in the four sessions following the two-day slide in which it had fallen almost 430 points or 2 percent. The Hang Seng finished just above the 21,975-point plateau, and now the market draws another soft start on Wednesday.

The global forecast for the Asian markets suggests consolidation - particularly among technology stocks - with tensions in Ukraine also continuing to weigh. Markets in Europe and the U.S. were down and the Asian markets are expected to follow them lower.

The Hang Seng finished sharply lower on Monday with broadly based losses - particularly among the financials, properties and oil companies.

For the day, the index plummeted 284.34 points or 1.28 percent to finish at 21,976.33 after trading between 21,873.87 and 22,284.56 on turnover of 41.65 billion Hong Kong dollars.

Among the actives, Cheung Kong plunged 2.52 percent, while Wharf Holdings plummeted 3.13 percent, HSBC dropped 1.07 percent, Henderson Land shed 1.06 percent, Sun Hung Kai Properties lost 1.07 percent, China Petroleum and Chemical (Sinopec) tumbled 1.17 percent, PetroChina fell 1.90 percent, Sands China dipped 1.21 percent and China Unicom surged 2.74 percent.

The lead from Wall Street is broadly negative as stocks moved lower on Friday, more than offsetting the modest gains posted in the previous session.

The Dow fell 129.53 points or 0.8 percent to 16,401.02, pulling back further off the record closing high that it set last Wednesday. The tech-heavy NASDAQ tumbled 57.30 points or 1.4 percent to 4,080.76, while the S&P 500 dropped 16.94 points or 0.9 percent to 1,867.72.

A sharp drop by shares of Twitter (TWTR) weighed on the tech sector. The social media giant plunged by 17.8 percent following the expiration of a six-month lock-up period that prevented insiders from selling shares of the company's stock.

The weakness on Wall Street also reflected lingering concerns about the crisis in Ukraine amid reports of continued clashes between Ukrainian armed forces and pro-Russian militants.

Meanwhile, traders largely shrugged off a report from the Commerce Department showing that the U.S. trade deficit narrowed in March. The trade deficit narrowed to $40.4 billion from a revised $41.9 billion in February - beating forecasts for $40.5 billion.

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This article appears in: News Headlines

Referenced Stocks: CHU , HSBC , PTR , SNP

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