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Hong Kong Bourse Tipped To End Losing Streak

The Hong Kong stock market has finished lower in five straight sessions, tumbling more than 1,550 points or 5.8 percent along the way. The Hang Seng Index now rests just above the 26,420-point plateau although it figures to stop the bleeding on Wednesday.

The global forecast for the Asian markets is upbeat that to a surge in crude oil prices, while bargain hunting also is expected. The European markets were mixed but little changed and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

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

For the day, the index dropped 190.87 points or 0.72 percent to finish at 26,422.55 after trading between 26,394.87 and 26,690.65.

Among the actives, Galaxy Entertainment plummeted 5.69 percent, while Sands China plunged 3.72 percent, WH Group tumbled 3.39 percent, China Mengniu Dairy skidded 3.33 percent, CSPC Pharmaceutical dropped 2.01 percent, CNOOC soared 1.90 percent, Industrial and Commercial Bank retreated 1.62 percent, BOC Hong Kong declined 1.11 percent, China Petroleum and Chemical (Sinopec) advanced 0.81 percent, Wharf Real Estate and Ping An Insurance both shed 0.68 percent, China Life Insurance lost 0.60 percent, New World Development fell 0.51 percent, China Mobile added 0.46 percent and Hong Kong & China Gas gained 0.13 percent.

The lead from Wall Street is positive as stocks shrugged off a lower open on Tuesday, bouncing off early lows to end in positive territory.

The Dow rose 113.99 points or 0.44 percent to 25,971.06, while the NASDAQ climbed 48.31 points or 0.61 percent to 7,972.47 and the S&P added 10.76 points or 0.37 percent to 2,887.89.

The strength came largely as traders looked to pick up stocks at reduced levels following recent weakness.

Trading activity remained somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.

Crude oil futures ended higher on Tuesday, snapping a four-day losing streak, with falling output in Iran tightening global crude supply. Crude oil futures for October ended up $1.70 or 2.5 percent at $69.25 a barrel, the highest settlement price in a week.

by RTTNews Staff Writer

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