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Hong Kong Shares Tipped To Open Under Pressure

The Hong Kong stock market on Thursday snapped the five-day losing streak in which it had plummeted more than 2,550 points or 8 percent. The Hang Seng Index now rests above the 30,450-point plateau although it's likely to hand those gains right back again on Friday.

The global forecast for the Asian markets is broadly negative thanks to growing concerns over interest rates and a drop in crude oil prices. The European and U.S. markets were sharply lower and the Asian bourses figure to follow suit.

The Hang Seng finished modestly higher on Thursday following gains from the casinos, weakness from the oil companies and mixed performances from the properties and insurance stocks.

For the day, the index advanced 128.07 points or 0.42 percent to finish at 30,451.27 after trading between 30,251.32 and 30,739.11.

Among the actives, Galaxy Entertainment surged 3.00 percent, while China Petroleum and Chemical (Sinopec) plummeted 2.19 percent, BOC Hong Kong soared 2.15 percent, Sands China spiked 2.01 percent, CNOOC tumbled 1.88 percent, Kunlun Energy skidded 1.63 percent, Tingyi Holdings advanced 1.35 percent, Hang Lung Properties dropped 1.13 percent, Li & Fung jumped 1.05 percent, China Resources Land climbed 0.90 percent, Industrial and Commercial Bank of China shed 0.89 percent, China Life lost 0.82 percent, New World Development fell 0.69 percent, Ping An Insurance added 0.36 percent, Hong Kong & China Gas gained 0.27 percent, Lenovo Group slid 0.24 percent and Belle International and China Resources Power Holdings were unchanged.

The lead from Wall Street is brutal as stocks quickly shrugged off an early move to the upside on Thursday, and tumbled deep into negative territory.

The Dow shed 1,032.89 points or 4.15 percent to 23,860.46, while the NASDAQ lost 274.82 points or 3.90 percent to 6,777.16 and the S&P 500 fell 100.66 points or 3.75 percent to 2,581.00.

The lead from Wall Street is awful as the mid-day sell-off sent the Dow into correction territory. Stocks have tumbled from record highs over the past week as traders grew concerned about inflation and higher interest rates.

In economic news, Federal Reserve Bank of Dallas President Robert Kaplan said on Thursday that the recent correction in U.S. stocks will have little impact on the broader economy, a sign that the FOMC still plans to raise interest rates at least three times in 2018.

Crude oil futures fell Thursday, slipping to their lowest in five weeks due to a stronger dollar and demand concerns. WTI light sweet crude oil was down 64 cents or 1 percent to $61.15/bbl.

by RTTNews Staff Writer

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