Plus   Neg

Hong Kong Bourse May Snap Losing Streak

The Hong Kong stock market has finished lower in six straight sessions, plummeting more than 1,600 points or 5.2 percent along the way. The Hang Seng Index now rests just above the 26,170-point plateau although bargain hunters may provide a lift on Wednesday.

The global forecast for the Asian markets is unclear, with concerns over the outlook for interest rates offset by support from crude oil prices. The European markets were slightly higher and the Asian bourses were mixed and little changed - and the Asian markets figure to follow the latter lead.

The Hang Seng finished slightly lower on Tuesday following weakness from the casinos and mixed performances from the financials, properties and oil and insurance companies.

For the day, the index dipped 29.66 points or 0.11 percent to finish at 26,172.91 after trading between 26,067.51 and 26,366.60.

Among the actives, CNOOC surged 2.08 percent, while Tencent Holdings plummeted 1.74 percent, New World Development soared 1.54 percent, China Petroleum and Chemical (Sinopec) tumbled 1.15 percent, WH Group spiked 1.04 percent, Galaxy entertainment skidded 0.99 percent, AIA Group dropped 0.87 percent, CSPC Pharmaceutical advanced 0.79 percent, Industrial and Commercial Bank of China collected 0.76 percent, China Resources Land added 0.60 percent, BOC Hong Kong shed 0.56 percent, China Mobile gained 0.45 percent, Sands China lost 0.43 percent, China Life perked 0.35 percent, Ping An Insurance eased 0.20 percent and Hong Kong & China Gas, Hang Seng Bank and Sino Land were unchanged.

The lead from Wall Street offers little guidance as stocks fluctuated on Tuesday, bouncing back and forth across the unchanged line before closing mixed for the second straight day.

The Dow shed 56.21 points or 0.21 percent to finish at 26,430.57, while the NASDAQ added 2.07 points or 0.03 percent to 7,738.02 and the S&P fell 4.09 points or 0.14 percent to 2,880.34.

The choppy trading on Wall Street came as traders kept an eye on treasuries amid renewed concerns about the outlook for interest rates. With the bond markets re-opening after Monday's Columbus Day holiday, treasury yields turned lower after an initial move higher.

Traders shrugged off news that the International Monetary Fund lowered its forecast for U.S. and Chinese economic growth, citing the "negative effect of recent tariff actions."

Crude oil prices moved up on Tuesday amid reports of falling crude exports from Iran ahead of the U.S. sanctions against the country. Crude oil futures for November delivery ended up $0.67 or 0.9 percent at $74.96 a barrel.

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