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Hong Kong Bourse Tipped To Halt Losing Streak

The Hong Kong stock market has finished lower in four straight sessions, sliding more than 800 points or 3.4 percent along the way. The Hang Seng Index now sits just beneath the 23,800-point plateau although it's expected to stop the bleeding on Monday.

The global forecast for the Asian markets suggests mild upside on optimism that some countries are taking steps to reopen following the Covid-19 pandemic. The European and U.S. markets were up on Friday amid considerable volatility and the Asian bourses are tipped to follow suit.

The Hang Seng finished slightly lower on Friday following losses from the insurance companies, properties and financials, while the oil stocks and casinos were mixed.

For the day, the index slid 32.23 points or 0.14 percent to finish at 23,797.47 after trading between 23,671.61 and 23,985.12.

Among the actives, AAC Technologies surged 6.49 percent, while WH Group plummeted 4.49 percent, Tencent Holdings plunged 1.91 percent, AIA Group soared 1.64 percent, China Mengniu Dairy tanked 1.23 percent, China Petroleum and Chemical (Sinopec) tumbled 1.12 percent, Sands China skidded 1.00 percent, China Life Insurance retreated 0.94 percent, Galaxy Entertainment spiked 0.87 percent, China Resources Land and CNOOC both jumped 0.84 percent, New World Development declined 0.79 percent, CSPC Pharmaceutical climbed 0.65 percent, CITIC sank 0.55 percent, China Mobile dropped 0.44 percent, Techtronic Industries advanced 0.31 percent, Hong Kong & China Gas added 0.29 percent, Industrial and Commercial Bank of China shed 0.20 percent, Ping An Insurance fell 0.06 percent and Henderson Land was unchanged.

The lead from Wall Street is cautiously optimistic as stocks saw considerable volatility Friday after coming under pressure early in the session. The major averages bounced back and forth across the unchanged line before eventually ending higher.

The Dow added 60.08 points or 0.25 percent to 23,685.42, while the NASDAQ climbed 70.84 points or 0.79 percent to 9,014.56 and the S&P 500 rose 11.20 points or 0.39 percent to 2,863.70. For the week, the Dow shed 2.7 percent, the S&P fell 2.3 percent and the NASDAQ lost 1.2 percent.

The higher close on Wall Street came as traders shrugged off some dismal U.S. economic data, including reports showing record decreases in retail sales and industrial production in April.

Concerns about the economy were offset by a University of Michigan report showing an unexpected improvement in consumer sentiment in May, as well as ongoing plans for states and countries to reopen.

Crude oil futures ended sharply higher on Friday, extending recent gains amid hopes for some gains in energy demand, and on hopes the output cuts from major producers will support prices. West Texas Intermediate Crude oil futures for June ended up $1.87 or 6.8 percent at $29.43 a barrel.

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