Plus   Neg

Hong Kong Bourse Predicted To Open In The Red

The Hong Kong stock market on Wednesday saw n end to the four-day winning streak in which it had surged more than 1,000 points or 3.8 percent. The Hang Seng Index now rests just beneath the 27,310-point plateau and it's looking at another rough day on Thursday.

The global forecast for the Asian markets is negative on continuing concerns over world trade, plus a deep drop in crude oil prices. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The Hang Seng finished sharply lower on Wednesday with damage across the board - especially from the properties, casinos and oil companies.

For the day, the index plummeted 480.88 points or 1.73 percent to finish at 27,308.46 after trading between 27,222.03 and 27,603.12.

Among the actives, Wharf Real Estate plummeted 5.17 percent, while New World Development plunged 4.75 percent, AAC Technologies tumbled 3.44 percent, Sun Hung Kai Properties skidded 3.10 percent, CSPC Pharmaceuticals retreated 2.71 percent, AIA Group declined 2.59 percent, Galaxy Entertainment dropped 2.49 percent, China Petroleum and Chemical (Sinopec) shed 2.10 percent, Tencent Holdings sank 2.09 percent, Sands China surrendered 2.02 percent, WH Group lost 1.96 percent, CNOOC fell 1.89 percent, China Mobile dipped 1.57 percent, Ping An Insurance slid 1.18 percent, China Life was down 0.86 percent, Industrial and Commercial Bank of China contracted 0.69 percent, Hong Kong & China Gas lost 0.35 percent and CITIC sank 0.19 percent.

The lead from Wall Street is soft as stocks turned in a lackluster performance on Wednesday before ending slightly lower, extending losses from the previous session.

The Dow shed 43.68 points or 0.17 percent to finish at 26,004.83, while the NASDAQ lost 29.85 points or 0.38 percent to 7,792.72 and the S&P 500 fell 5.88 points or 0.20 percent to 2,879.84.

The weakness on Wall Street came as traders weighed lingering trade concerns against optimism about an interest rate cut by the Federal Reserve.

The U.S.-China trade conflict has moved back into the spotlight ahead of the G20 summit later this month - however, a report showing tame inflation has further fueled expectations that the Federal Reserve will cut interest rates in the near future.

Crude oil futures plunged sharply on Wednesday after the Energy Information Administration showed a jump in U.S. crude stockpiles for a second straight week. West Texas Intermediate Crude oil futures for July ended down $2.13 or 4 percent at $51.14 a barrel, the lowest settlement price since mid-January.

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