Stocks

Renewed Consolidation Expected For Hong Kong Shares

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(RTTNews.com) - The Hong Kong stock market has moved higher in two of three trading days since the end of the three-day slide in which it had stumbled almost 700 points or 2.7 percent. The Hang Seng Index now rests just above the 25,750-point plateau although it's likely to turn lower again on Monday.

The global forecast for the Asian markets is soft as there appears to be no end in sight for the U.S. government shutdown. The European markets were slightly higher and the U.S. bourses were sharply lower and the Asian markets are tipped to follow the latter lead.

The Hang Seng finished modestly higher on Friday as gains from the financial shares and casinos were offset by weakness from the oil companies and property stocks.

For the day, the index advanced 129.89 points or 0.51 percent to finish at 25,753.42 after trading between 25,313.75 and 25,805.61.

Among the actives, Hengan International surged 5.97 percent, while Tencent Holdings soared 4.51 percent, Sino Land plummeted 2.60 percent, China Resources Land plunged 1.99 percent, China Life Insurance spiked 1.71 percent, CSPC Pharmaceutical jumped 1.66 percent, New World Development tumbled 1.31 percent, Ping An Insurance skidded 1.12 percent, AIA Group climbed 1.01 percent, China Mobile dropped 0.86 percent, China Petroleum and Chemical (Sinopec) shed 0.83 percent, Galaxy Entertainment and Wharf Real Estate both lost 0.62 percent, Industrial and Commercial Bank of China collected 0.55 percent, WH Group advanced 0.50 percent, CITIC fell 0.49 percent, CNOOC and BOC Hong Kong both slid 0.34 percent, Sands China eased 0.30 percent and Hong Kong & China Gas added 0.12 percent.

The lead from Wall Street is broadly negative as stocks moved sharply lower on Friday ahead of a government shutdown that now seems likely to last at least through Christmas.

The Dow shed 414.23 points or 1.81 percent to 22,445.37, while the NASDAQ plummeted 195.41 points or 2.99 percent to 6,332.99 and the S&P 500 fell 50.80 points or 2.06 percent to 2,416.62. For the week, the NASDAQ nosedived 8.4 percent, the S&P lost 7.1 percent and the Dow fell 6.9 percent.

The extended sell-off on Wall Street came as traders kept an eye on developments on Capitol Hill, with lawmakers at an impasse over funding for President Donald Trump's controversial wall on the border with Mexico.

Traders largely shrugged off mixed economic data on durable goods orders, third quarter GDP, personal income and spending and consumer sentiment.

Crude oil futures ended lower on Friday, extending losses from previous session amid concerns over excess supply in the market. Crude oil futures for February ended down $0.29 or 0.6 percent at $45.59 a barrel, the lowest settlement since July 2017.

Read the original article on RTTNews (http://www.rttnews.com/2965134/renewed-consolidation-expected-for-hong-kong-shares.aspx)

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