Plus   Neg

Hong Kong Stock Market May Extend Losing Streak

The Hong Kong stock market has finished lower in back-to-back sessions, sliding almost 300 points or 1.2 percent along the way. The Hang Seng Index now rests just beneath the 25,825-point plateau and it's looking at another soft start again on Tuesday.

The global forecast for the Asian markets is broadly negative on continuing concerns over the trade dispute between the United States and China. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The Hang Seng finished modestly lower on Monday following losses from the financial shares, property stocks and oil companies.

For ther day, the index dropped 114.58 points or 0.44 percent to finish at the daily low of 25,824.72 after peaking at 26,069.23.

Among the actives, New World Development plummeted 3.10 percent, while BOC Hong Kong plunged 1.66 percent, China Mengniu Dairy tumbled 1.45 percent, WH Group skidded 1.44 percent, Hong Kong & China Gas retreated 0.82 percent, CNOOC declined 0.68 percent, China Petroleum and Chemical (Sinopec) sank 0.64 percent, China Mobile shed 0.54 percent, Tencent Holdings advanced 0.47 percent, Ping An Insurance added 0.46 percent, China Life Insurance lost 0.33 percent, Sands China fell 0.29 percent, AIA Group was down 0.20 percent, CITIC eased 0.11 percent and CSPC Pharmaceutical, Industrial and Commercial Bank of China, Galaxy Entertainment and AAC Technologies were unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Monday and continued to head south throughout the day, extending last week's losses.

The Dow shed 391.00 points or 1.49 percent to 25,896.44, while the NASDAQ lost 95.73 points or 1.20 percent to 7,863.41 and the S&P 500 fell 35.96 points or 1.23 percent to 2,882.69.

The sell-off on Wall Street came amid worries about a prolonged trade war between the U.S. and China after President Donald Trump recently indicated he feels no sense of urgency to resolve the dispute.

Concerns about the impact of increasingly violent protests in Hong Kong also weighed on stocks, with the Hong Kong International Airport canceling all departing flights due to the disruption caused by protesters.

The geopolitical concerns increased the appeal of safe haven assets like bonds, resulting in a steep drop in U.S. treasury yields. The yield on the benchmark ten-year note tumbled to its lowest closing level in almost three years.

Crude oil prices were higher Monday on speculation production cuts by OPEC and fewer shipments from Saudi Arabia will outweigh concerns about near term energy demand outlook. West Texas Intermediate crude oil futures for September ended up $0.43 or 0.8 percent at $54.93 a barrel.

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