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Hong Kong Bourse May Turn Lower On Friday

Ahead of the three-day break for the Lunar New Year, the Hong Kong stock market had rebounded following the end of the four-day winning streak in which it had advanced more than 410 points or 1.4 percent. The Hang Seng Index now rests just above the 27,990-point plateau although it's expected to see renewed selling pressure on Friday.

The global forecast for the Asian markets is broadly lower on global growth concerns and sliding oil prices. The European and U.S. bourses were down and the Asian markets are tipped to follow that lead.

The Hang Seng finished modestly higher in Monday's half session following mixed performances from the oil companies and casinos.

For the day, the index advanced 59.47 points or 0.21 percent to finish at 27,990.21 after trading between 27,847.43 and 28,005.15.

Among the actives, AIA Group surged 3.65 percent, while China Mengniu Dairy soared 1.89 percent, China Resources Land plummeted 1.65 percent, CSPC Pharmaceutical plunged 1.62 percent, WH Group tumbled 1.27 percent, CITIC skidded 1.18 percent, Industrial and Commercial Bank of China dropped 0.83 percent, Galaxy Entertainment retreated 0.82 percent, New World Development declined 0.64 percent, China Life Insurance contracted 0.62 percent, China Petroleum and Chemical (Sinopec) climbed 0.46 percent, Sands China added 0.40 percent, China Mobile gained 0.30 percent, CNOOC shed 0.15 percent, Hong Kong & China Gas fell 0.12 percent and Ping An Insurance was unchanged.

The lead from Wall Street is weak as stocks opened lower on Thursday and crept further into the red as the day progressed - extending losses from the previous session.

The Dow shed 220.77 points or 0.87 percent to 25,169, while the NASDAQ lost 86.93 points or 1.18 percent to 7,288.93 and the S&P 500 fell 25.56 points or 0.94 percent to 2,706.05.

Renewed concerns about a U.S.-China trade deal generated selling pressure after reports said President Donald Trump and Chinese President Xi Jinping are "highly unlikely" to meet before March 2 - when tariffs on Chinese goods are set to jump automatically.

Worries about the U.S.-China trade talks added to concerns about the global economy after the European Commission lowered its eurozone growth forecast. The downgrade reflected external factors, such as trade tensions, the uncertainty concerning Brexit and the slowdown in emerging markets, notably in China.

Crude oil prices declined on Thursday on concerns of demand growth due to the ongoing trade dispute between the U.S. and China. West Texas Intermediate Crude oil futures for March ended down $1.37 or 2.5 percent at $52.64 a barrel, the lowest settlement in more than a week.

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