Plus   Neg

Hong Kong Bourse Tipped To Open Under Pressure

The Hong Kong stock market on Friday halted the four-day winning streak in which it had collected more than 1,175 points or 4.48 percent. The Hang Seng Index now rests just above the 27,400-point plateau and it's looking at another soft start again on Monday.

The global forecast for the Asian markets is soft, with profit taking likely after last week's rally. The European and U.S. markets were down on Friday and the Asian markets are likely to follow suit.

The Hang Seng finished modestly lower on Friday as losses from the casinos and oil and insurance companies were offset by gains from the property sector.

For the day, the index declined 89.43 points or 0.33 percent to finish at 27,404.27 after trading between 27,224.12 and 27,410.58.

Among the actives, CNOOC plummeted 2.70 percent, while China Resources Land plunged 1.99 percent, WH Group surged 1.64 percent, AAC Technologies tumbled 1.61 percent, Techtronic Industries skidded 1.48 percent, China Petroleum and Chemical (Sinopec) sank 1.41 percent, AIA Group retreated 1.05 percent, Hang Lung Properties jumped 1.04 percent, BOC Hong Kong climbed 0.94 percent, China Life Insurance declined 0.71 percent, Tencent Holdings advanced 0.60 percent, Galaxy Entertainment shed 0.55 percent, Ping An Insurance lost 0.54 percent, China Mengniu Dairy fell 0.48 percent, Henderson Land added 0.41 percent, Industrial and Commercial Bank of China slid 0.36 percent, CSPC Pharmaceutical gained 0.31 percent, Hong Kong & China Gas dipped 0.26 percent, China Mobile rose 0.22 percent, CITIC was down 0.21 percent, New World Development increased 0.20 percent and Sino Land, Sun Hung Kai Properties and Sands China were unchanged.

The lead from Wall Street is negative as stocks spent most of Friday's session in the red, handing back gains from earlier in the week.

The Dow shed 277.26 points or 0.94 percent to end at 29,102.51, while the NASDAQ lost 51.64 points or 0.54 percent to 9,520.51 and the S&P 500 fell 18.07 points or 0.54 percent to 3,327.71.

Profit taking fueled to weakness on Wall Street as traders looked to cash in after the strong upward move in previous days. Lingering concerns about the coronavirus also re-emerged after traders shrugged off the worries about the outbreak to drive stocks higher.

However, selling pressure was subdued following the release of the Labor Department report that showed stronger than expected job growth in January.

Crude oil futures closed lower on Friday as worries about the spread of the coronavirus and its impact on the global economy and energy demand weighed on oil prices. West Texas Intermediate crude oil futures for March ended down $0.63 or 1.2 percent at $50.32 a barrel.

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