(RTTNews.com) - The Hong Kong stock market on Tuesday snapped the two-day winning streak in which it had gathered more than 440 points or 1.6 percent. The Hang Seng Index now rests just above the 27,000-point plateau and it's looking at another soft start again on Wednesday.
The global forecast for the Asian markets is soft on concerns for the global economy and a slide in crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.
The Hang Seng finished modestly lower on Tuesday following losses from the financials, casinos and oil and insurance companies.
For the day, the index sank 191.09 points or 0.70 percent to finish at 27,005.45 after trading between 26,854.66 and 27,223.70.
Among the actives, AAC Technologies plummeted 5.10 percent, while CSPC Pharmaceutical plunged 3.66 percent, WH Group tumbled 2.33 percent, China Resources Land skidded 1.96 percent, Galaxy Entertainment retreated 1.89 percent, Sands China declined 1.64 percent, Wharf Real Estate spiked 1.58 percent, China Life Insurance contracted 1.47 percent, CNOOC dropped 1.37 percent, China Resources Power Holdings jumped 1.32 percent, Tencent Holdings shed 1.24 percent, China Petroleum and Chemical (Sinopec) lost 1.12 percent, China Mengniu Dairy fell 0.98 percent, China Mobile slid 0.74 percent, Industrial and Commercial Bank of China dipped 0.68 percent, Ping An Insurance was down 0.48 percent, AIA Group added 0.29 percent, Hong Kong & China Gas gained 0.12 percent and BC Hong Kong and Sino Land were unchanged.
The lead from Wall Street is negative as stocks moved sharply lower on Tuesday, offsetting gains from last week's rally.
The Dow shed 301.87 points or 1.22 percent to 24,404.48, while the NASDAQ lost 136.87 points or 1.91 percent to 7,020.36 and the S&P fell 37.81 points or 1.42 percent to 2,632.90.
The pullback on Wall Street reflected concerns for the global economy after the International Monetary Fund said the global expansion is weakening at a faster rate that than expected.
Adding to the economic worries, the National Association of Realtors reported a steeper than expected drop in U.S. existing home sales in December - which hit their lowest level since November 2015.
Crude oil futures were sharply lower Tuesday as global growth worries resurfaced, raising concerns about energy demand. Crude oil futures for March ended down $1.23 or 2.3 percent at $52.57 a barrel on expiration day.
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