Plus   Neg

Hong Kong Shares Expected To Open Under Pressure

The Hong Kong stock market headed south again on Tuesday, one session after it had snapped 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 above the 26,390-point plateau and it's tipped to open in the red again on Wednesday.

The global forecast for the Asian markets is negative on continuing concerns over the trade dispute between the United States and China. The European markets were mixed and the U.S. markets were down and the Asian bourses are also tipped to open in the red.

The Hang Seng finished modestly lower on Tuesday following losses from the financial shares, casinos and oil companies.

For the day, the index slid 53.42 points or 0.20 percent to finish at 26,391.30 after trading between 26,063.02 and 26,424.12.

Among the actives, AAC Technologies surged 2.22 percent, while WH Group plummeted 2.21 percent, Power Assets soared 1.38 percent, CSPC Pharmaceutical plunged 1.35 percent, China Petroleum and Chemical (Sinopec) tumbled 0.91 percent, Sands China skidded 0.80 percent, China Resources Land climbed 0.71 percent, Tencent Holdings retreated 0.60 percent, Industrial and Commercial Bank of China declined 0.54 percent, Ping An Insurance advanced 0.50 percent, New World Development added 0.39 percent, Galaxy Entertainment and BOC Hong Kong both dropped 0.38 percent, China Mengniu Dairy and Techtronic Industries both gained 0.33 percent, CNOOC sank 0.18 percent, Hong Kong & China Gas fell 0.13 percent, AIA Group rose 0.13 percent, China Mobile was up 0.08 percent and China Life Insurance was unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Tuesday, regained some ground but still finished firmly in the red.

The Dow shed 280.23 points or 1.01 percent to 27,502.81, while the NASDAQ lost 47.34 points or 0.55 percent to 8,520.64 and the S&P 500 fell 20.67 points or 0.66 percent to 3,093.20.

The early sell-off on Wall Street came amid renewed trade concerns after President Donald Trump suggested he might prefer to wait until after the 2020 elections to strike a trade deal with China.

The comments from the president added to rising trade concerns after his administration threatened to impose duties of up to 100 percent on $2.4 billion in French imports, including champagne and handbags.

After recovering from an early move to the downside, the price of crude oil fluctuated over the course of the trading day on Tuesday. Crude oil for January delivery eventually ended the day up $0.14 or 0.3 percent at $56.10 after falling as low as $55.35 a barrel.

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