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Selling Pressure Tipped For Hong Kong Stock Market

The Hong Kong stock market has climbed higher in four straight sessions, advancing more than 1,000 points or 3.8 percent along the way. The Hang Seng Index now rests just beneath the 27,790-point plateau although it's overdue for consolidation on Wednesday.

The global forecast for the Asian markets is mixed and flat, with profit taking expected following recent gains. The European markets were up and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.

The Hang Seng finished modestly higher on Tuesday following gains from the financials and insurance companies, while the casinos and oil companies were mixed.

For the day, the index rose 210.70 points or 0.76 percent to finish at 27,789.34 after trading between 27,577.91 and 27,857.85.

Among the actives, China Mengniu Dairy surged 3.21 percent, while AAC Technologies soared 2.59 percent, New World Development spiked 2.17 percent, Ping An Insurance jumped 1.78 percent, Industrial and Commercial Bank of China collected 1.58 percent, China Life Insurance climbed 1.43 percent, WH Group gathered 1.32 percent, Hong Kong & China Gas perked 1.17 percent, BOC Hong Kong and Hang Lung Properties both accelerated 1.14 percent, CSPC Pharmaceutical advanced 0.85 percent, CNOOC skidded 0.63 percent, China Petroleum and Chemical (Sinopec) added 0.58 percent, Sands China sank 0.54 percent, CITIC gained 0.38 percent, China Mobile lost 0.21 percent and Galaxy Entertainment rose 0.20 percent.

The lead from Wall Street is soft as stocks failed to sustain an initial move to the upside Tuesday, bouncing back and forth across the unchanged line before closing slightly lower.

The Dow shed 14.17 points or 0.05 percent to end at 26,048.51, while the NASDAQ lost 0.60 points or 0.01 percent to 7,822.57 and the S&P 500 fell 1.01 points or 0.03 percent to 2,885.72.

The initial strength on Wall Street reflected recent optimism for a potential interest rate cut by the Federal Reserve, with the central bank due to make its next monetary policy decision next week.

Buying interest waned shortly after the start of trading, however, inspiring traders to cash in on recent gains as they await further developments regarding the ongoing trade dispute between the U.S. and China.

Crude oil futures ended little changed on Tuesday as traders appeared to be waiting for a clear picture to emerge from the OPEC meeting scheduled June 25 in Vienna. West Texas Intermediate crude oil futures for July ended at $53.27 a barrel, up a penny from Monday's close.

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