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Losing Streak May Continue For Hong Kong Stock Market

The Hong Kong stock market has moved lower in three straight sessions, sliding almost 100 points or 0.4 percent along the way. The Hang Seng Index now rests just beneath the 28,775-point plateau and it's looking at another soft start again on Monday.

The global forecast for the Asian markets is negative on pessimism over the outlook for interest rates. The European and U.S. markets were down Friday and now the Asian bourses are expected to open in similar fashion.

The Hang Seng finished barely lower on Friday following mixed performances from the financials, casinos and insurance companies.

For the day, the index eased 20.94 points or 0.07 percent to finish at 28,774.83 after trading between 28,714.92 and 28,880.58.

Among the actives, Hengan International plummeted 2.47 percent, while AAC Technologies plunged 1,63 percent, Techtronic Industries surged 1.40 percent, CSPC Pharmaceutical tumbled 1.38 percent, WH Group soared 0.88 percent, Sands China skidded 0.64 percent, Industrial and Commercial Bank of China and CITIC both dropped 0.54 percent, China Mobile shed 0.42 percent, Ping An Insurance jumped 0.36 percent, Hong Kong & China Gas climbed 0.34 percent, BOC Hong Kong collected 0.32 percent, AIA Group and Sun Hung Kai Properties both advanced 0.29 percent, Galaxy Entertainment added 0.27 percent, China Mengniu Dairy gained 0.16 percent, China Life Insurance rose 0.10 percent, Tencent Holdings eased 0.06 percent and New World Development, Power Assets, CNOOC, China Petroleum and Chemical (Sinopec) and Sino Land were unchanged.

The lead from Wall Street is soft as stocks opened sharply lower Friday, recovered as the day progressed but still ended in the red.

The Dow shed 43.88 points or 0.16 percent to finish at 26,922.12, while the NASDAQ lost 8.44 points or 0.10 percent to 8,161.79 and the S&P 500 fell 5.41 points or 0.18 percent to 2,990.41. For the week, the Dow jumped 1.2 percent, the NASDAQ surged 1.9 percent and the S&P rose 1.7 percent.

The early pullback followed the release of the Labor Department report showing a substantial growth in U.S. employment in June. While the data points to a rebound in the labor market, the report dampened investor hopes for a near-term interest rate cut by the Federal Reserve.

Oil futures settled modestly higher on Friday but saw a loss of 1.6 percent for the week as traders continued to weigh the commodity's near-term supply and demand prospects. West Texas Intermediate crude oil futures for August ended up $0.17 or 0.3 percent at $57.51 a barrel.

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