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Hong Kong Shares May See Continued Consolidation

The Hong Kong stock market on Friday wrote a finish to the two-day winning streak in which it had advanced almost 180 points or 0.7 percent. The Hang Seng Index now rests just above the 25,925-point plateau and the losses could accelerate on Monday.

The global forecast for the Asian markets is mixed to lower thanks to plummeting 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 modestly lower on Friday following losses from the casinos and oil and insurance companies.

For the day, the index slipped 91.73 points or 0.35 percent to finish at 25,927.68 after trading between 25,807.26 and 25,983.25.

Among the actives, CK Infrastructure surged 2.25 percent, while WH Group plummeted 2.12 percent, Galaxy Entertainment plunged 1.58 percent, China Resources Land tumbled 1.52 percent, China Mobile spiked 1.34 percent, Tencent Holdings declined 1.29 percent, CNOOC skidded 1.25 percent, Sands China retreated 1.07 percent, China Petroleum and Chemical (Sinopec) dropped 0.92 percent, China Mengniu Dairy shed 0.82 percent, CSPC Pharmaceutical lost 0.63 percent, Ping An Insurance fell 0.60 percent, New World Development slid 0.58 percent, Hong Kong & China Gas eased 0.52 percent, China Life was down 0.37 percent, BOC Hong Kong collected 0.17 percent, AIA Group and CITIC both added 0.16 percent and Industrial and Commercial Bank of China was unchanged.

The lead from Wall Street is negative as stocks moved lower on Friday in an abbreviated session after Thursday's Thanksgiving holiday.

The Dow shed 178.74 points or 0.73 percent to 24,285.95, the NASDAQ fell 33.27 points or 0.48 percent to 6,938.98 and the S&P lost 17.37 points or 0.66 percent to 2,632.56. For the week, the Dow and the S&P 500 plunged 4.4 percent and 4.3 percent, respectively, and the S&P fell 3.8 percent.

The weakness on Wall Street partly reflected recent downward momentum amid lingering concerns about the global economic outlook. A continued decline by shares of Apple (AAPL) also weighed on the markets.

Energy stocks led the way lower on the day amid a sharp pullback by the price of crude oil. After jumping $1.20 to $54.63 a barrel on Wednesday, crude for January delivery plunged $4.21 to $50.42 a barrel.

Overall trading activity was subdued, however, as many traders remained away from their desks following the holiday on Thursday. A lack of major U.S. economic data also kept traders on the sidelines along with the markets' early close.

Closer to home, Hong Kong will provide October numbers for imports, exports and trade balance later today. In September, imports were worth HKD422.68 billion and exports were at HKD374.96 billion for a trade deficit of HKD47.72 billion.

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