Lower Open Projected For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has finished lower in two straight sessions, tumbling almost 500 points or 1.8 percent along the way. The Hang Seng Index now sits just shy of the 28,500-point plateau and it figures to open under pressure again on Wednesday.

The global forecast for the Asian markets is soft on renewed coronavirus concerns and sinking crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses figure to follow suit.

The Hang Seng finished sharply lower on Tuesday following losses from the technology stocks, properties, financials and casinos.

For the day, the index plummeted 387.96 points or 1.34 percent to finish at 28,497.38 after trading between 28,376.22 and 29,043.18.

Among the actives, AAC Technologies surrendered 1.99 percent, AIA Group sank 0.41 percent, Alibaba Group was down 0.52 percent, Alibaba Health Information Technology retreated 2.14 percent, ANTA Sports skidded 2.16 percent, China Life Insurance lost 0.49 percent, China Mengniu Dairy declined 2.06 percent, China Petroleum and Chemical (Sinopec) lost 0.98 percent, China Resources Land slid 0.91 percent, CITIC shed 1.04 percent, CNOOC fell 0.96 percent, CSPC Pharmaceutical tumbled 3.15 percent, Galaxy Entertainment sank 1.91 percent, Hang Lung Properties eased 0.10 percent, Henderson Land rose 0.15 percent, Hong Kong & China Gas dipped 0.82 percent, Industrial and Commercial Bank of China weakened 0.55 percent, Meituan plummeted 5.24 percent, New World Development dropped 1.88 percent, Sands China slipped 0.77 percent, Sun Hung Kai Properties added 0.69 percent, Techtronic Industries dropped 0.24 percent, Xiaomi Corporation plunged 4.11 percent and WuXi Biologics tanked 3.27 percent.

The lead from Wall Street is negative as stocks opened in the red on Tuesday and saw the losses accelerate as the day progressed.

The Dow tumbled 308.05 points or 0.94 percent to finish at 32,423.15, while the NASDAQ plunged 149.84 points or 1.12 percent to end at 13,227.70 and the S&P 500 sank 30.07 points or 0.76 percent to close at 3,910.52.

The weakness that emerged on Wall Street partly reflected concerns about extended coronavirus lockdowns in Europe amid worries a new wave of infections. German leaders agreed to extend the country's lockdown until April 18, raising doubts about demand from Europe's largest economy.

Traders also kept an eye on Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen's virtual testimony before the House Financial Services Committee. Powell reiterated the Fed's recent assessment that indicators of economic activity have turned up recently.

In economic news, the Commerce Department said U.S. new home sales plummeted in February, hitting a nine-month low.

Crude oil prices tanked on Tuesday amid rising concerns about the outlook for energy demand due to the extension of lockdown measures in several parts of Europe. West Texas Intermediate Crude oil futures for May ended down $3.80 or 6.2 percent at $57.76 a barrel.

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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