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Hong Kong Stock Market May Open Under Pressure.

Ahead of Thursday's holiday for the Dragon Boat Festival, the Hong Kong stock market had alternated between positive and negative finishes through the last five trading days since the end of the two-day winning streak in which it had advanced more than 700 points or 2.9 percent. The Hang Seng Index now sits just above the 24,780-point plateau and it may take further damage Friday as it catches up on missed negative sentiment.

The global forecast for the Asian markets is positive, with financials expected to lead the way on eased investment regulations. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The Hang Seng finished modestly lower on Thursday following losses from the financials, properties and oil companies.

For the day, the index tumbled 125.76 points or 0.50 percent to finish at 24,781.58 after trading between 24,770.95 and 25,071.32.

Among the actives, AAC Technologies skyrocketed 5.44 percent, while CITIC plummeted 2.61 percent, CSPC Pharmaceutical surged 2.16 percent, CNOOC plunged 2.00 percent, Techtronic Industries tanked 1.56 percent, China Petroleum and Chemical (Sinopec) tumbled 1.48 percent, Industrial and Commercial Bank of China skidded 1.43 percent, Tencent Holdings retreated 1.33 percent, Hang Lung Properties jumped 1.22 percent, Sands China climbed 1.13 percent, Hong Kong & China Gas declined 0.98 percent, AIA Group advanced 0.93 percent, WH Group surrendered 0.73 percent, China Mengniu Dairy dropped 0.66 percent, China Life Insurance sank 0.62 percent, China Mobile added 0.46 percent, Galaxy Entertainment shed 0.37 percent, New World Development lost 0.21 percent, Ping An Insurance rose 0.13 percent and BOC Hong Kong was unchanged.

The lead from Wall Street is upbeat as stocks shook off early weakness on Thursday before moving sharply higher in the final hour of trade.

The Dow spiked 299.66 points or 1.18 percent to finish at 25,745.60, while the NASDAQ jumped 107.84 points or 1.09 percent to end at 10.017.00 and the S&P 500 climbed 33.43 points or 1.10 percent to close at 3,083.76.

The late rally on Wall Street was fueled by financial stocks following news that regulators plan to ease banking regulations, including allowing banks to more easily make investments in riskier funds such as venture capital funds.

The choppy trading seen for most of the session came as investors weighed recent optimism about an economic recovery against spiking coronavirus cases in a number of states. Traders may be worried about the possibility of states re-imposing restrictions on businesses.

In economic news, the Labor Department reported a much smaller than expected drop in initial jobless claims last week, while the Commerce Department noted a substantial rebound in durable goods orders last month.

Crude oil prices were higher Thursday, recovering from losses in the previous two sessions despite continued concerns about energy demand outlook following a surge in new coronavirus cases. West Texas Intermediate crude oil futures for August ended up $0.71 or 1.9 percent at $38.72 a barrel.

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