(RTTNews.com) - The Hong Kong stock market has finished lower in consecutive trading days, slipping almost 90 points or 0.3 percent along the way. The Hang Seng Index now rests just above the 30,800-point plateau and it's expected to open under pressure again on Monday.
The global forecast for the Asian markets is negative thanks to geopolitical concerns after U.S. strikes in Syria. The European markets were up, and the U.S. bourses were down - and the Asian markets figure to follow the latter lead.
The Hang Seng finished barely lower on Friday as lose from the financials and oil and insurance companies were tempered by support from the casinos and properties.
For the day, the index eased 22.90 points or 0.07 percent to finish at 30,808.38 after trading between 30,707.77 and 31,076.76.
Among the actives, WH Group plummeted 2.88 percent, while BOC Hong Kong surged 1.48 percent, CNOOC plunged 1.28 percent, Sands China soared 1.26 percent, Tencent Holdings tumbled 1.26 percent, China Mengniu Dairy skidded 0.91 percent, CITIC spiked 0.88 percent, Lenovo Group dropped 0.74 percent, New World Development advanced 0.70 percent, Sino Land jumped 0.60 percent, China Life shed 0.46 percent, China Petroleum and Chemical (Sinopec) fell 0.40 percent, Ping An Insurance slid 0.36 percent, Industrial and Commercial Bank of China dipped 0.29 percent, AIA Group was down 0.14 percent, Hong Kong & China Gas eased 0.12 percent, Galaxy Entertainment added 0.07 percent and China Mobile was unchanged.
The lead from Wall Street suggests mild consolidation as stocks failed to hold an initial upward move on Friday and finished in the red - offsetting gains from the previous session.
The Dow slid 122.91 points or 0.50 percent to 24,360.14, the NASDAQ dropped 33.60 points or 0.47 percent to 7,106.65 and the S&P fell 7.69 points or 0.29 percent to 2,656.30. For the week, the NASDAQ surged 2.8 percent, the S&P gained 2 percent and the Dow added 1.8 percent.
The initial strength was a positive reaction to earnings news from financial giants JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) - which all beat estimates.
Buying interest waned shortly after the open, however, ahead of this week's earnings news that includes Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ), IBM (IBM), American Express (AXP), and General Electric (GE).
Crude oil futures surged amid expectations OPEC has re-balanced the oil markets with its supply quota plan. The cartel is determined to put a floor under oil prices around $70 a barrel, analysts say. WTI sweet crude was up 32 cents or 0.5 percent to $67.39/bbl for a weekly gain of 8.8 percent.
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