Plus   Neg

Hong Kong Bourse May Head South Again On Tuesday

The Hong Kong stock market on Monday wrote a finish to the two-day losing streak in which it had plummeted more than 600 points or 2.3 percent. The Hang Seng Index now rests just shy of the 26,450-point plateau although it's got a weak lead for Tuesday's trade.

The global forecast for the Asian markets is negative as soft data stoked fears for the health of the world economy. The European and U.S. markets were down and the Asian bourses are predicted to open in similar fashion.

The Hang Seng finished modestly higher on Monday as gains casinos and insurance companies were capped by weakness from the properties.

For the day, the index advanced 98.23 points or 0.37 percent to finish at 26,444.72 after trading between 26,393.09 and 26,511.55.

Among the actives, China Resources Land surged 4.28 percent, while Sino Land plummeted 2.21 percent, Techtronic Industries soared 1.95 percent, Galaxy Entertainment spiked 1.56 percent, AAC Technologies plunged 1.46 percent, WH Group accelerated 1.37 percent, Sands China jumped 1.22 percent, China Mengniu Dairy climbed 1.17 percent, Ping An Insurance perked 0.96 percent, CITIC gathered 0.71 percent, AIA Group advanced 0.64 percent, China Mobile added 0.59 percent, New World Development skidded 0.59 percent, China Life Insurance gained 0.51 percent, China Petroleum and Chemical (Sinopec) rose 0.46 percent, Industrial and Commercial Bank of China shed 0.36 percent, Hong Kong & China Gas fell 0.13 percent, CSPC Pharmaceutical was up 0.11 percent and BOC Hong Kong, CNOOC and Power Assets were unchanged.

The lead from Wall Street is soft as stocks showed a notable move to the downside on Monday, extending losses from the previous session and pulling back further from the record highs set last Wednesday.

The Dow shed 268.37 points or 0.96 percent to 27,783.04, while the NASDAQ lost 97.48 points or 1.12 percent to 8,567.99 and the S&P 500 fell 27.11 points or 0.86 percent to 3,113.87.

The continued weakness on Wall Street followed a report from the Institute for Supply Management noting continued contraction in U.S. manufacturing activity in November. A separate report from the Commerce Department showed an unexpected decrease in U.S. construction spending in October.

Traders also reacted to President Donald Trump announcing plans to reinstate tariffs on metal imports from Brazil and Argentina.

The price of crude oil regained some ground during on Monday following Friday's substantial decline. Crude oil for February delivery climbed $0.79 or 1.4 percent to $55.96 a barrel after plummeting $2.94 or 5.1 percent to $55.17 a barrel in the previous session.

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