More Chaos Expected For Hong Kong Stock Market

The Hong Kong stock market has finished lower in consecutive trading days, plummeting more than 1,470 points or 5.8 percent along the way. The Hang Seng Index now sits just above the 22,930-point plateau and it's expected to open in the red again on Monday.

The global forecast for the Asian markets offers little clarity as optimism over reopening economies was tempered by rising tensions between the United States and China. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suits.

The Hang Seng finished with huge losses on Friday with damage across the board following China's proposed new security laws for the city sparked widespread protests that have been going on all weekend are figure to continue.

For the day, the index plummeted 1,349.99 points or 5.56 percent to finish at 22,930.14 after trading between 22,878.26 and 23,756.91.

Among the actives, Sino Land plummeted 10.30 percent, while New World Development plunged 9.80 percent, AIA Group tanked 9.41 percent, BOC Hong Kong cratered 7.80 percent, AAC Technologies surrendered 6.78 percent, China Life Insurance tumbled 6.76 percent, CITIC skidded 6.21 percent, CSPC Pharmaceutical retreated 5.90 percent, Sands China declined 5.55 percent, China Petroleum and Chemical (Sinopec) and Hong Kong & China gas both sank 5.43 percent, Galaxy Entertainment dropped 5.30 percent, CNOOC shed 4.96 percent, Tencent Holdings lost 4.85 percent, China Mengniu Dairy fell 4.71 percent, WH Group slid 3.76 percent, Ping An Insurance dipped 3.37 percent, China Mobile slipped 2.69 percent, Industrial and Commercial Bank of China was down 2.37 percent and Techtronic Industries eased 2.24 percent.

The lead from Wall Street is murky as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending mixed.

The Dow fell 8.96 points or 0.04 percent to end at 24,465.16, while the NASDAQ added 39.71 points or 0.43 percent to finish at 9.324.59 and the S&P 500 rose 6.94 points or 0.24 percent to end at 2,955.45. For the week, the Dow jumped 3.3 percent, the NASDAQ spiked 3.4 percent and the S&P climbed 3.2 percent.

The choppy trading on Wall Street came as traders were reluctant to make significant moves in light of the volatility seen in recent sessions. Concerns about rising tensions between the U.S. and China also kept traders on the sidelines, as Beijing moved to strengthen control over Hong Kong with new security laws.

The latest developments come after the Senate passed a bill on Wednesday that would potentially delist Chinese stocks from U.S. exchanges.

Crude oil prices drifted lower Friday as concerns about the outlook for energy demand resurfaced due to rising tensions between the U.S. and China over Hong Kong. West Texas Intermediate Crude oil futures for July ended down $0.67 or 2 percent at $33.25 a barrel.

Closer to home, Hong Kong will release April figures for imports, exports and trade balance later today. In March, imports were down 11.1 percent on year and exports fell 5.8 percent on year for a trade deficit of HKD34.7 billion.

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