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Hong Kong Bourse Tipped To Remain Rangebound

The Hong Kong stock market has finished lower in two of three trading days since 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 27,945-point plateau and it's looking at a steady start on Monday.

The global forecast for the Asian markets is mixed and flat, with trade concerns offset by bargain hunting. The European markets were down and the U.S. bourses were little changed and the Asian markets figure to follow the latter lead.

The Hang Seng finished slightly lower on Friday as losses from the financials and casinos were offset by support from the property sector.

For the day, the index dipped 43.89 points or 0.16 percent to finish at 27,946.32 after trading between 27,534.20 and 28,008.82.

Among the actives, WH Group plummeted 3.14 percent, while CSPC Pharmaceutical plunged 3.13 percent, AAC Technologies surged 2.98 percent, Sands China soared 2.68 percent, China Mengniu Dairy tumbled 2.47 percent, CBNOOC skidded 2.42 percent, AIA Group spiked 2.21 percent, Sino Land jumped 1.87 percent, Hong Kong & China Gas climbed 1.52 percent, China Mobile dropped 1.26 percent, BOC Hong Kong retreated 1.16 percent, CITIC declined 1.03 percent, Galaxy Entertainment contracted 1.01 percent, New World Development advanced 0.97 percent, China Life Insurance shed 0.72 percent, Tencent Holdings lost 0.58 percent, Industrial and Commercial Bank of China fell 0.50 percent, Ping An Insurance slid 0.39 percent and China Petroleum and Chemical (Sinopec) was unchanged.

The lead from Wall Street offers little clarity as stocks fell under pressure early on Friday but recovered later in the day to end mixed and little changed.

The Dow shed 63.20 points or 0.25 percent to 25,106.33, while the NASDAQ added 9.85 points or 0.14 percent to 7,298.20 and the S&P 500 rose 1.83 points or 0.07 percent to 2,707.88. For the week, the Dow added 0.2 percent, and the NASDAQ and S&P both gained 0.1 percent.

The early weakness on Wall Street came amid lingering concerns about a potential trade deal between the U.S. and China. Adding to worries, reports suggested the U.S. and China don't even have a draft that specifies where they disagree.

Bargain hunting triggered the recovery later in the session as investors scooped up some of the oversold shares.

Crude oil prices settled slightly higher on Friday, despite concerns about possible drop in energy demand in the near term due to global economic slowdown. West Texas Intermediate crude oil futures for March ended up $0.08 or 0.2 percent at $52.72 a barrel.

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