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Hong Kong Bourse May Test Support At 28,000 Points

The Hong Kong stock market has finished lower in four straight sessions, tumbling almost 550 points or 2 percent along the way. The Hang Seng Index now rests just above the 28,330-point plateau and it's likely to see continued selling pressure again on Tuesday.

The global forecast for the Asian markets is modestly negative, with weakness from technology stocks likely offset by mild upside from crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

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

For the day, the index skidded 443.14 points or 1.54 percent to finish at 28,331.69 after trading between 28,194.07 and 28,541.10.

Among the actives, China Resources Land plummeted 4.07 percent, while AAC Technologies plunged 3.64 percent, CSPC Pharmaceutical tumbled 2.64 percent, Techtronic Industries skidded 2.60 percent, China Mengniu Dairy retreated 2.52 percent, Tencent Holdings declined 2.45 percent, WH Group contracted 2.25 percent, Henderson Land dropped 2.16 percent, CNOOC sank 2.10 percent, New World Development shed 2.06 percent, AIA Group lost 1.97 percent, Hong Kong & China Gas fell 1.56 percent, China Life Insurance slid 1.51 percent, China Petroleum and Chemical (Sinopec) dipped 1.34 percent, Galaxy Entertainment was down 1.26 percent, Ping An Insurance dropped 1.19 percent, Industrial and Commercial Bank of China sank 0.72 percent and Sands China rose 0.39 percent.

The lead from Wall Street is soft as stocks opened lower on Monday as stayed in the red throughout the session.

The Dow shed 115.98 points or 0.43 percent to 26,806.14, while the NASDAQ lost 63.41 points or 0.78 percent to 8,098.38 and the S&P 500 fell 14.46 points or 0.48 percent to 2,975.95.

The weakness on Wall Street partly reflected waning optimism about a near-term interest rate cut following last Friday's much better than expected jobs data.

A drop by Apple (AAPL) also weighed on markets, with the tech giant tumbling by 2.1 percent after a downgrade on the company's stock.

Crude oil futures settled modestly higher Monday amid rising geopolitical tensions and on hopes for monetary easing by the Federal Reserve this month. West Texas Intermediate Crude oil futures for August rose $0.15 or 0.3 percent at $57.66 a barrel.

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