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Lower Open Predicted For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market on Friday halted the two-day winning streak in which it had gathered almost 350 points or 1.3 percent. The Hang Seng Index now rests just beneath the 26,720-point plateau and it's called lower again on Monday.

The global forecast for the Asian markets is soft, thanks to disappointing economic data and ongoing uncertainty over trade negotiations 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 lower on Friday following losses from the financials, properties, casinos and oil and insurance companies.

For the day, the index lost 128.91 points or 0.48 percent to finish at 26,719.58 after trading between 26,650.13 and 26,985.08.

Among the actives, China Mengniu Dairy plummeted 3.12 percent, CSPC Pharmaceutical surged 2.96 percent, Sino Land plunged 2.28 percent, Henderson Land tumbled 1.94 percent, New World Development skidded 1.25 percent, Galaxy Entertainment retreated 1.17 percent, Industrial and Commercial Bank of China declined 1.09 percent, Chin Life Insurance dropped 1.05 percent, Hong Kong & China Gas sank 1.04 percent, Sands China shed 0.95 percent, China Petroleum and Chemical (Sinopec) and Sun Hung Kai Properties both lost 0.86 percent, Techtronic Industries added 0.69 percent, BOC Hong Kong fell 0.56 percent, AIA Group slid 0.53 percent, CNOOC dipped 0.50 percent, Ping An Insurance was down 0.32 percent, China Mobile rose 0.15 percent, WH Group eased 0.13 percent and Tencent Holdings was unchanged.

The lead from Wall Street is negative as stocks opened lower on Friday and stayed that way through the session.

The Dow shed 255.68 points or 0.95 percent to end at 26,770.20, the NASDAQ sank 67.31 points or 0.83 percent to 8,089.54 and the S&P 500 fell 11.75 points or 0.39 percent to 2,986.20. For the week, the Dow eased 0.2 percent, the NASDAQ added 0.4 percent and the S&P rose 0.5 percent.

The weakness on Wall Street reflected concerns about the global economic outlook following soft Chinese data that showed its economy grew at the slowest rate in three decades in Q3.

In U.S. economic news, the Conference Board reported an unexpected drop by its reading on leading U.S. economic indicators in September.

Lingering uncertainty about a possible U.S.-China trade deal and questions about the Brexit deal getting through parliament also weighed on the markets.

Crude oil futures dropped Friday as disappointing GDP data from China added to concerns about the outlook for global energy demand. West Texas Intermediate crude oil futures for November eased $0.15 or 0.3 percent at $53.78 a barrel.
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