Lower Open Predicted For Hong Kong Stock Market
(RTTNews) - The Hong Kong stock market on Tuesday ended the three-day winning streak in which it had surged more than 1,350 points or 5.7 percent. The Hang Seng Index now sits just above the 24,960-point plateau and it may take further damage on Wednesday.
The global forecast for the Asian markets suggests mild consolidation amid volatility and uncertainty, with crude oil prices offering slight support. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The Hang Seng finished sharply lower on Tuesday following losses from the properties, oil companies and technology stocks.
For the day, the index plummeted 362.50 points or 1.43 percent to finish at 24,962.59 after trading between 24,865.80 and 25,188.78.
Among the actives, AAC Technologies sank 1.40 percent, while AIA Group dropped 1.30 percent, Alibaba Group plunged 3.87 percent, Alibaba Health Info plummeted 4.56 percent, ANTA Sports surrendered 2.07 percent, China Life Insurance lost 0.72 percent, China Mengniu Dairy and Xiaomi Corporation both retreated 2.54 percent, China Petroleum and Chemical (Sinopec) dipped 0.25 percent, China Resources Land surged 2.72 percent, CITIC shed 1.12 percent, CNOOC skidded 2.36 percent, Country Garden fell 0.71 percent, CSPC Pharmaceutical declined 2.39 percent, Galaxy Entertainment jumped 1.49 percent, Hang Lung Properties added 0.34 percent, Henderson Land and Techtronic Industries both advanced 0.47 percent, Hong Kong & China Gas eased 0.17 percent, Industrial and Commercial Bank of China collected 0.23 percent, Li Ning soared 2.46 percent, Longfor rallied 1.15 percent, Meituan tumbled 3.03 percent, New World Development slid 0.45 percent, Sands China spiked 2.37 percent, Sun Hung Kai Properties was down 0.20 percent and WuXi Biologics tanked 3.30 percent.
The lead from Wall Street ends up being negative as the major averages spent all of Tuesday bouncing back and forth across the unchanged line before finally settling slightly in the red.
The Dow dropped 117.72 points or 0.34 percent to finish at 34,378.34, while the NASDAQ dipped 20.28 points or 0.14 percent to close at 14,465.92 and the S&P 500 fell 10.54 points or 0.24 percent to end at 4,350.65.
The choppy trading on Wall Street came as traders expressed uncertainty about the outlook for the markets following the volatility seen throughout early October. Concerns about inflation and the Federal Reserve scaling back stimulus as early as next month also weighed.
Earnings news was also on traders' minds, with financial giant JPMorgan Chase (JPM) due to report Q3 results later today. Bank of America (BAC), Citigroup (C), Morgan Stanley (MS), Wells Fargo (WFC), and Goldman Sachs (GS) are also due to report their results in the coming days.
Crude oil futures settled slightly higher Tuesday after prices moved up amid speculation the fuel market could get tighter this winter. West Texas Intermediate Crude oil futures for November rose $0.12 or about 0.2 percent at $80.64 a barrel.
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