Plus   Neg

Hong Kong Bourse Predicted To Open Under Pressure

The Hong Kong stock market has finished lower in back-to-back sessions, dropping more than 310 points or 1.3 percent along the way. The Hang Seng Index now rests just above the 24,310-point plateau and it's looking at another red light for Friday's trade.

The global forecast for the Asian markets is weak as optimism waned in the United States over a coronavirus relief package. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The Hang Seng finished modestly lower on Thursday following losses from the financial shares and oil and insurance companies.

For the day, the index sank 155.39 points or 0.64 percent to finish at 24,313.54 after trading between 24,293.21 and 24,615.60.

Among the actives, AAC Technologies plummeted 3.38 percent, while China Resources Land plunged 1.70 percent, Industrial and Commercial Bank of China tanked 1.59 percent, AIA Group tumbled 1.48 percent, China Mobile skidded 1.30 percent, China Mengniu spiked 1.25 percent, Power Assets retreated 1.18 percent, CITIC declined 1.17 percent, Sands China and Hang Seng Bank both surrendered 1.07 percent, WH Group sank 0.92 percent, CSPC Pharmaceutical dropped 0.90 percent, China Life Insurance shed 0.87 percent, Hang Lung Properties advanced 0.74 percent, CNOOC lost 0.74 percent, Galaxy Entertainment added 0.70 percent, New World Development fell 0.64 percent, Techtronic Industries slid 0.53 percent, Hong Kong & China Gas gained 0.52 percent, Tencent Holdings rose 0.40 percent, China Petroleum and Chemical (Sinopec) dipped 0.29 percent, BOC Hong Kong slipped 0.22 percent, Sun Hung Kai Properties eased 0.20 percent, CK Infrastructure was up 0.13 percent, Ping An Insurance was down 0.12 percent and Sino Land was unchanged.

The lead from Wall Street is negative as stocks were unable to hold on to early gains Thursday, reversing course in the late morning before finishing firmly in the red.

The Dow plunged 405.89 points or 1.45 percent to finish at 27,534.58, while the NASDAQ tumbled 221.97 points or 1.99 percent to end at 10,919.59 and the S&P 500 dropped 59.77 points or 1.76 percent to close at 3,339.19.

Strength among tech stocks contributed to the early advance on Wall Street, but they also helped to lead the subsequent pullback by the markets.

Adding to the negative sentiment, Senate Republicans failed to advance a new coronavirus stimulus bill. Facing unanimous opposition from Democrats, the bill couldn't clear a key procedural hurdle in the latest sign of the difficulty lawmakers have had in passing a new relief package.

In economic news, the Labor Department said initial jobless claims were roughly unchanged last week, defying expectations for a notable decline. Also, the Labor Department said producer prices increased slightly more than expected last month.

Crude oil prices drifted lower Thursday after data showed an increase in U.S. crude inventories last week, while easing of output curbs by OPEC+ also contributed to oil's weakness. West Texas Intermediate Crude oil futures for October ended down $0.75 or 2 percent at $37.30 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT