Markets

Hong Kong Bourse Tipped To Head South Again On Friday

(RTTNews) - The Hong Kong stock market on Thursday snapped the two-day losing streak in which it had fallen more than 220 points or 0.9 percent. The Hang Seng Index now rests just above the 26,900-point plateau although it's expected to see renewed selling pressure on Friday.

The global forecast for the Asian markets is negative on continued uncertainty regarding a trade deal between the United States and China. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The Hang Seng finished modestly higher on Thursday as gains from the financials, properties and casinos were dented by weakness from the oil companies.

For the day, the index jumped 239.01 points or 0.90 percent to finish at 26,906.72 after trading between 26,708.45 and 27,009.50.

Among the actives, Techtronic Industries surged 5.67 percent, while AAC Technologies soared 3.45 percent, Galaxy Entertainment spiked 2.65 2.65 percent, AIA Group accelerated 2.28 percent, China Petroleum and Chemical (Sinopec) plunged 2.17 percent, Sun Hing Kai Properties jumped 1.97 percent, WH Group plummeted 1.77 percent, China Life Insurance climbed 1.75 percent, Henderson Land gathered 1.55 percent, Tencent Holdings perked 1.45 percent, New World Development advanced 1.44 percent, China Mengniu Dairy added 1.13 percent, Industrial and Commercial Bank of China collected 1.08 percent, CNOOC stumbled 1.01 percent, Sands China gained 0.91 percent, CSPC Pharmaceutical rose 0.85 percent, Ping An Insurance was up 0.28 percent, Hong Kong & China Gas fell 0.13 percent and China Mobile and BOC Hong Kong were unchanged.

The lead from Wall Street is soft as stocks opened lower on Thursday and remained in the red throughout the session.

The Dow shed 140.46 points or 0.52 percent to 27,046.23, while the NASDAQ lost 11.62points or 0.14 percent to 8,292.36 and the S&P 500 fell 9.21 points or 0.30 percent to 3,037.56.

The pullback on Wall Street came amid renewed uncertainty about the potential for a long-term U.S.-China trade deal as China may be unwilling to budge on the thorniest issues.

Upbeat earnings news helped limit the downside for the markets, however, with Apple (AAPL) and Facebook (FB) posting notable gains after reporting better than expected quarterly results.

In economic news, the Labor Department noted a modest increase in first-time claims for U.S. jobless benefits last week. Also, the Commerce Department said personal income and spending both increased as expected in September.

Crude oil futures drifted lower on Thursday, extending losses to a fourth successive session amid concerns over outlook for energy demand. West Texas Intermediate Crude oil futures for December ended down $0.88 or 1.6 percent at $54.18 a barrel.

Closer to home, Hong Kong will release September numbers for retail sales later today; in October, sales plummeted 25.3 percent on year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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