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Hong Kong Bourse May Take Further Damage On Friday

The Hong Kong stock market on Thursday snapped the two-day winning streak in which it had gathered more than 580 points or 2.1 percent. The Hang Seng Index now rests just above the 27,730-point plateau and it's predicted to open in the red again on Friday.

The global forecast for the Asian markets is soft on renewed concerns about the spread of the coronavirus. The European and U.S. markets were down and the Asian markets figure to follow suit.

The Hang Seng finished modestly lower on Thursday as losses from the oil and insurance companies were offset by support from the properties and casinos.

For the day, the index shed 93.66 points or 0.34 percent to finish at 27,730.00 after trading between 27,695.60 and 27,953.65.

Among the actives, China Mengniu Dairy plummeted 2.15 percent, while CSPC Pharmaceutical plunged 2.09 percent, AAC Technologies tumbled 1.99 percent, China Life Insurance skidded 1.62 percent, AIA Group retreated 1.41 percent, Tencent Holdings surged 1.31 percent, Industrial and Commercial Bank of China declined 1.26 percent, China Petroleum and Chemical (Sinopec) sank 1.17 percent, CITIC dropped 1.16 percent, WH Group shed 0.97 percent, Ping An Insurance lost 0.93 percent, Sands China spiked 0.86 percent, China Resources Land jumped 0.84 percent, CNOOC fell 0.80 percent, Sino Land climbed 0.74 percent, China Mobile slid 0.60 percent, BOC Hong Kong collected 0.54 percent, Galaxy Entertainment added 0.35 percent, Hong Kong & China Gas dipped 0.26 percent, New World Development rose 0.19 percent and Power Assets eased 0.09 percent.

The lead from Wall Street is negative as stocks opened lower on Thursday, rebounded as the day progressed but then fell into the red towards the end of the session.

The Dow shed 128.11 points or 0.43 percent to end at 29,423.31, while the NASDAQ fell 13.99 points or 0.14 percent to 9,711.97 and the S&P 500 shed 5.51 points or 0.16 percent to 3,373.94.

Profit taking contributed to initial weakness on Wall Street, as some traders looked to cash in on recent gains amid news of a jump in new coronavirus cases.

The early weakness on Wall Street was subsequently seen as another buying opportunity for some traders even as a number of companies continue to warn about the impact of the outbreak.

In economic news, the Labor Department reported a modest increase in consumer prices in January, as well as a smaller than expected increase in first-time claims for U.S. unemployment benefits.

Crude oil prices edged higher on Thursday despite lingering concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for March ended up $0.25 or 0.5 percent at $51.42 a barrel.

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