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Hong Kong Bourse May Test Support At 28,000 Points

The Hong Kong stock market has tracked lower in consecutive trading days, skidding more than 800 points or 2.6 percent along the way. The Hang Seng Index now rests just beneath the 28,230-point plateau and it draws another soft lead for Monday.

The global forecast for the Asian markets is negative on falling crude oil prices and disappointing economic data. The European and U.S. markets were down on Friday and the Asian markets are tipped to open in similar fashion.

The Hang Seng finished sharply lower on Friday following losses from the financials, casinos, properties and oil and insurance companies.

For the day, the index sank 550.98 points or 1.91 percent to finish at 28,228.42 after trading between 28,201.09 and 28,533.76.

Among the actives, China Life Insurance plummeted 3.97 percent, while AAC Technologies plunged 3.64 percent, Industrial and Commercial Bank of China tumbled 3.13 percent, Galaxy Entertainment skidded 3.10 percent, China Petroleum and Chemical (Sinopec) retreated 3.01 percent, Ping An Insurance and CSPC Pharmaceutical both declined 2.94 percent, AIA Group dropped 2.09 percent, BOC Hong Kong shed 1.83 percent, China Resources Power Holdings jumped 1.53 percent, Sands China lost 1.18 percent, CITIC fell 1.17 percent, New World Development slid 0.80 percent, CNOOC sank 0.30 percent, Hong Kong & China Gas added 0.22 percent and China Mobile gained 0.12 percent.

The lead from Wall Street is uninspired as stocks opened lower Friday, came off session lows as the day progressed but still ended slightly in the red.

The Dow shed 22.99 points or 009 percent to 25.450.24, while the NASDAQ lost 13.32 points or 0.18 percent to 7,408.14 and the S&P 500 fell 5.86 points or 0.21 percent to 2,743.07. For the week, the Dow and the S&P both slumped 2.2 percent, while the NASDAQ tumbled 2.5 percent.

The initial weakness on Wall Street came after the Labor Department said job growth nearly ground to a halt in February after soaring in January. The much weaker than expected job growth in February represented the worst month since September 2017

Concerns about the global economy also weighed on the markets after the European Central Bank downgraded its GDP forecasts and China reported weaker than expected trade data for February.

Crude oil futures ended lower on Friday as worries about demand growth resurfaced on data showing weak jobs growth in the U.S. and a sharp plunge in Chinese exports. West Texas Intermediate Crude oil futures for April ended down $0.59 or 1 percent at $56.07 a barrel.

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