(RTTNews) - The Hong Kong stock market has moved lower in three straight sessions, slumping more than 430 points or 1.7 percent along the way. The Hang Seng Index now sits just above the 26,560-point plateau and the losing streak nay continue on Tuesday.
The global forecast for the Asian markets is negative thanks to ongoing geopolitical concerns. The European markets were down and the U.S. markets were closed and the Asian bourses are also likely to open under water.
The Hang Seng finished sharply lower on Monday following losses from the financial shares, technology stocks and properties.
For the day, the index dropped 281.06 points or 1.05 percent to finish at 26,563.90 after trading between 26,533.67 and 26,715.58.
Among the actives, Alibaba Group tanked 3.49 percent, while Alibaba Health Info plunged 3.53 percent, ANTA Sports fell 0.30 percent, China Life Insurance collected 0.25 percent, China Mengniu Dairy soared 2.78 percent, China Resources Land tumbled 2.32 percent, CITIC sank 0.41 percent, CNOOC expanded 0.46 percent, CSPC Pharmaceutical dropped 0.92 percent, Galaxy Entertainment lost 0.35 percent, Haier Smart Home perked 0.08 percent, Hang Lung Properties retreated 2.02 percent, Henderson Land surrendered 2.09 percent, Hong Kong & China Gas and CLP Holdings both rose 0.14 percent, Industrial and Commercial Bank of China eased 0.16 percent, JD.com slumped 1.14 percent, Lenovo added 0.45 percent, Li Auto shed 0.40 percent, Li Ning surged 2.94 percent, Meituan contracted 1.50 percent, New World Development skyrocketed 16.28 percent, Nongfu Spring stumbled 2.69 percent, Techtronic Industries skidded 1.06 percent, Xiaomi Corporation declined 1.67 percent and WuXi Biologics plummeted 4.83 percent.
The U.S. markets were closed on Monday for Martin Luther King Jr. Day, while the European markets spent the entire session in the red amid rising geopolitical tensions after U.S. President Donald Trump doubled down on his plan to acquire Greenland.
Trump said NATO had warned Denmark for years about the "Russian threat" to Greenland and claimed Copenhagen had failed to act. "Now it is time, and it will be done!!!" Trump wrote in a post on his Truth Social platform ahead of this week's World Economic Forum Annual Meeting in Davos.
Also weighing on stocks was Trump's announcement of a 10 percent tariff on several EU countries from next month, which raises the tariff on all imports to the U.S. to 25 percent.
Reports suggest that the EU is considering a retaliatory move that would place tariffs on 93 billion euros of U.S. goods or restrict U.S. firms' access to its internal market.
Closer to home, Hong Kong will release December numbers for unemployment later today; in November, the jobless rate was 3.8 percent.
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