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Hong Kong Bourse Tipped To Extend Losing Streak

The Hong Kong stock market has finished lower in three straight sessions, sliding just about 1,000 points or 3.6 percent along the way. The Hang Seng Index remains just beneath the 26,975-point plateau and it's looking at another soft start again on Monday.

The global forecast for the Asian markets is soft on ongoing trade war concerns and a drop in crude oil prices. The European markets were mixed and the U.S. bourses were down - and the Asian markets figure to split the difference.

The Hang Seng finished barely lower on Friday following losses from the insurance companies and casinos, while the oil companies and financials were mixed.

For the day, the index eased 1.35 points or 0.01 percent to finish at 26,973.47 after trading between 26,669.58 and 27,196.57.

Among the actives, China Mengniu Dairy surged 3.79 percent, while Galaxy Entertainment plummeted 3.79 percent, Bank of East Asia soared 3.74 percent, Sands China plunged 3.22 percent, CNOOC spiked 3.13 percent, CSPC Pharmaceutical jumped 1.59 percent, CITIC climbed 1.27 percent, China Life and BOC Hong Kong both tumbled 0.82 percent, Tencent Holdings advanced 0.70 percent, AIA Group skidded 0.70 percent, WH Group dropped 0.69 percent, China Petroleum and Chemical (Sinopec) shed 0.67 percent, China Mobile added 0.67 percent, New World Development lost 0.60 percent, Ping An fell 0.47 percent, Industrial and Commercial Bank of China dipped 0.18 percent and Hong Kong & China Gas eased 0.13 percent.

The lead from Wall Street is negative as stocks fluctuated on Friday before ending modestly lower. With the drop, the NASDAQ and the S&P extended recent losses.

The Dow fell 79.33 points or 0.31 percent to 25,916.54, the NASDAQ dipped 20.18 points or 0.25 percent to 7,902.54 and the S&P 500 slipped 6.37 points or 0.22 percent to 2,871.68. For the week, the NASDAQ plunged 2.6 percent, the S&P fell 1 percent and the Dow lost 0.2 percent.

The lower close came amid ongoing trade concerns after President Donald Trump suggested he may impose tariffs on another $267 billion worth of Chinese goods. China's Commerce Ministry has said it will roll out retaliatory measures if the U.S. imposes any new tariffs.

In economic news, the Labor Department noted stronger than expected job growth in August. The report also said the annual rate of average hourly employee earnings growth accelerated. The data painted a positive picture of the economy but reinforced expectations the Federal Reserve will raise interest rates later this month.

Crude oil prices eased Friday, as concerns about a drop in demand due to trade war tensions slightly outweighed data showing a fall in stockpiles. Crude oil futures for October delivery settled at $67.75 a barrel, down 2 cents. For the week, crude oil future lost 2.9 percent.

by RTTNews Staff Writer

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