The Hong Kong stock market ticked higher again on Friday, one session after it had snapped the four-day winning streak in which it had gathered almost 900 points or 3.6 percent. The Hang Seng Index now rests just above the 28,800-point plateau although it's likely to head south again on Monday.
The global forecast for the Asian markets is soft, thanks to weak earnings news and a fall in crude oil prices. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The Hang Seng finished slightly higher on Friday following mixed performances from the financials, casinos and oil and insurance companies.
For the day, the index collected 23.14 points or 0.08 percent to finish at 28,804.28 after trading between 28,572.79 and 28,816.69.
Among the actives, WH Group surged 2.60 percent, while New World Development soared 1.45 percent, Sands China tumbled 1.45 percent, China Petroleum and Chemical (Sinopec) spiked 1.21 percent, CSPC Pharmaceuticals skidded 0.93 percent, China Mengniu Dairy jumped 0.81 percent, AIA Group climbed 0.51 percent, Tencent Holdings dropped 0.48 percent, Ping An Insurance shed 0.41 percent, China Mobile advanced 0.29 percent, BOC Hong Kong collected 0.26 percent, Galaxy Entertainment added 0.16 percent, CNOOC lost 0.16 percent, Hong Kong & China Gas gained 0.12 percent and China Life and Industrial and Commercial Bank of China were unchanged.
The lead from Wall Street is negative as stocks moved solidly lower on Friday after ending the previous session mixed.
The Dow shed 76.01 points or 0.30 percent to 25,451.06, the NASDAQ fell 114.77 points or 1.46 percent to 7,737.42 and the S&P slid 18.62 points or 0.66 percent to 2,818.82. For the week, the NASDAQ tumbled 1.1 percent, the S&P added 0.6 percent and the Dow jumped 1.6 percent.
The weakness on Wall Street reflected negative earnings news from companies such as Twitter (TWTR), Intel (INTC) and Exxon Mobil (XOM).
In economic news, the Commerce Department noted a jump in the pace of U.S. economic growth in the second quarter. Also, the University of Michigan said consumer sentiment deteriorated less than estimated in July.
Crude oil prices declined on Friday, despite solid U.S. GDP data. It is believed the U.S. sanctions on Iran have already been priced in, so crude is unable to make significant progress. Crude oil futures for September fell $0.92 or 1.3 percent to $68.69 a barrel on the New York Mercantile Exchange.
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