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Profit Taking Likely For Hong Kong Shares

The Hong Kong stock market has jumped higher in three straight sessions, soaring more than 1,900 points or 7.5 percent along the way. The Hang Seng Index now rests just above the 26,480-point plateau although investors figure to lock in gains on Monday.

The global forecast for the Asian markets is soft, with technology stocks expected to weigh amid profit taking and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

The Hang Seng finished sharply higher on Friday with gains across the board - particularly from the casinos, financials, properties and oil and insurance companies.

For the day, the index skyrocketed 1,070.35 points or 4.21 percent to finish at the daily high of 26,486.35 after moving as low as 25,909.71.

Among the actives, WH Group skyrocketed 13.64 percent, while Sands China surged 10.69 percent, Galaxy Entertainment soared 9.49 percent, Tencent Holdings spiked 9.29 percent, CSPC Pharmaceutical jumped 7.54 percent, China Life Insurance climbed 6.49 percent, Ping An Insurance advanced 5.47 percent, China Mengniu Dairy perked 5.04 percent, AIA Group gathered 4.81 percent, AAC Technologies added 4.27 percent, Henderson Land gained 3.70 percent, Industrial and Commercial Bank of China collected 3.54 percent, China Petroleum and Chemical (Sinopec) rose 3.13 percent, New World Development accelerated 2.58 percent and CNOOC was up 1.04 percent.

The lead from Wall Street is soft as stocks shrugged off a positive open, moving lower as the day progressed and ending in the red.

The Dow fell 109.91 points or 0.43 percent to 25,270.83, while the NASDAQ slumped 77.06 points or 1.04 percent to 7,356.99 and the S&P slid 17.31 points or 0.63 percent to 2,723.06. For the week, the NASDAQ surged 2.6 percent, and the Dow and the S&P both jumped 2.4 percent.

The downturn on Wall Street was led by Apple (AAPL) after the company reported fiscal fourth quarter earnings and revenues that exceeded estimates but weaker than expected iPhone shipments, with disappointing guidance.

The pullback also came as traders digested the Labor Department report showing stronger than expected job growth in October. The upbeat jobs data paints of positive picture for the U.S. economy but also led to renewed concerns about the outlook for interest rates.

Crude oil prices moved lower Friday, extending losses as President Donald Trump announced plans to reimpose sanctions on Iran. The price of crude oil for December delivery fell $0.55 to $63.14 a barrel.

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