Hong Kong Stock Market May Extend Thursday's Losses

(RTTNews) - The Hong Kong stock market on Thursday ended the two-day winning streak in which it had advanced almost 280 points or 1.2 percent. The Hang Seng Index now rests just above the 24,710-point plateau and it's expected to see continued consolidation on Friday.

The global forecast for the Asian markets is broadly negative following a record drop in U.S. GDP, denting hopes for a quick economic recovery from the Covid-19 pandemic. The European markets were down and the U.S. bourses were mixed and the Asian markets are predicted to open in the red.

The Hang Seng finished modestly lower on Thursday as losses from the financials and oil and insurance companies were tempered by support from the properties and casinos.

For the day, the index lost 172.55 points or 0.69 percent to finish at 24,710.59 after trading between 24,616.05 and 25,197.31.

Among the actives, CSPC Pharmaceutical surged 5.10 percent, while New World Development soared 2.87 percent, China Life Insurance plummeted 2.61 percent, AIA Group plunged 2.41 percent, Hong Kong & China Gas spiked 2.21 percent, CITIC tanked 1.62 percent, Sun Hung Kai Properties accelerated 1.57 percent, Sands China jumped 1.54 percent, AAC Technologies climbed 1.45 percent, Tencent Holdings tumbled 1.20 percent, Industrial and Commercial Bank of China skidded 1.06 percent, CNOOC retreated 0.94 percent, China Resources Land declined 0.92 percent, Ping An Insurance surrendered 0.78 percent, WH Group advanced 0.73 percent, China Mobile lost 0.65 percent, China Petroleum and Chemical (Sinopec) sank 0.58 percent, China Mengniu Dairy dropped 0.54 percent, Wharf Real Estate shed 0.36 percent, BOC Hong Kong lost 0.23 percent, Galaxy Entertainment added 0.19 percent, Power Assets gained 0.12 percent, Techtronic Industries eased 0.06 percent and Hang Seng Bank was unchanged.
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