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No Help Yet For Hong Kong Stock Market

The Hong Kong stock market has moved lower in consecutive trading days, tumbling more than 900 points or 3.5 percent along the way. The Hang Seng Index now rests just beneath the 23,250-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets is broadly negative thanks to geopolitical concerns and poor earnings news. The European and U.S. markets were firmly lower and the Asian markets are tipped to open in similar fashion.

The Hang Seng finished modestly lower on Wednesday following losses from the casinos and properties, while the oil companies were mixed.

For the day, the index lost 96.77 points or 0.38 percent to finish at 25,249.78 after trading between 25,194.29 and 25,653.36.

Among the actives, CNOOC plummeted 3.82 percent, while China Resources Power Holdings plunged 1.89 percent, CSPC Pharmaceutical and AIA Group both tumbled 1.54 percent, AAC Technologies skidded 1.24 percent, China Petroleum and Chemical (Sinopec) jumped 1.10 percent, Industrial and Commercial Bank of China collected 0.95 percent, China Life Insurance and Galaxy Entertainment dropped 0.92 percent, BOC Hong Kong and Sands China both shed 0.90 percent, Tencent Holdings lost 0.72 percent, Sung Hung Kai Properties fell 0.69 percent, China Mengniu Dairy slid 0.63 percent, WH Group dipped 0.35 percent, China Mobile and Hong Kong & China Gas added 0.27 percent and Ping An Insurance and New World Development were unchanged.

The lead from Wall Street is poor as stocks moved sharply lower on Wednesday. The Dow dropped to its lowest closing level in over three-months, while the NASDAQ and the S&P 500 tumbled to five-month closing lows.

The Dow shed 608.01 points or 2.41 percent to 24,583.42, while the NASDAQ plummeted 329.14 points or 4.43 percent to 7,108.40 and the S&P 500 fell 84.59 points or 3.09 percent to 2,656.10.

The selling pressure on Wall Street reflected another negative reaction to the latest batch of earnings news from several big-name companies such as AT&T (T) and UPS (UPS).

Negative sentiment was also generated by a Commerce Department report showing a steep drop in new home sales in September.

News that explosive devices were sent to several prominent Democratic figures, including former President Barack Obama and Hillary Clinton, may also have led to some uneasiness on Wall Street.

Crude oil prices rebounded a bit on Wednesday, after having plunged sharply in the previous session amid concerns over weakening demand. Crude oil futures for December settled at $66.82 a barrel, gaining $0.39 or 0.6 percent for the session.

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