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Hong Kong Bourse Expected To Open In The Red

The Hong Kong stock market on Wednesday wrote a finish to the two-day winning streak in which it had picked up more than 450 points or 1.8 percent. The Hang Seng Index now rests just above the 26,320-point plateau and the losses may accelerate on Thursday.

The global forecast for the Asian markets is negative on concerns for overall economic growth amid the latest coronavirus wave. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The Hang Seng finished slightly lower on Wednesday as losses from the financials, oil companies and properties were mitigated by support from the casinos.

For the day, the index dipped 32.70 points or 0.12 percent to finish at 26,320.93 after trading between 26,164.79 and 26,560.04.

Among the actives, AAC Technologies fell 0.24 percent, while AIA Group lost 0.32 percent, Alibaba Group added 0.53 percent, ANTA Sports soared 3.82 percent, China Life Insurance retreated 1.03 percent, China Mengniu Dairy advanced 0.85 percent, China Petroleum and Chemical (Sinopec) sank 0.51 percent, China Resources Land rallied 2.08 percent, CNOOC declined 1.02 percent, Country Garden accelerated 2.39 percent, CSPC Pharmaceutical tanked 2.34 percent, Galaxy Entertainment surged 4.96 percent, Hang Lung Properties plunged 2.39 percent, Henderson Land skidded 1.31 percent, Hong Kong & China Gas dropped 0.48 percent, Industrial and Commercial Bank of China shed 0.45 percent, Longfor gained 0.29 percent, Meituan climbed 1.40 percent, New World Development slid 0.28 percent, Sands China spiked 2.47 percent, Sun Hung Kai Properties was up 0.18 percent, Techtronic Industries plummeted 5.18 percent, Xiaomi Corporation tumbled 2.00 percent, WuXi Biologics jumped 1.58 percent and Alibaba Health Info, CITIC, CLP Holdings and CK Infrastructure were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages opened lower on Wednesday and largely stayed that was throughout the session, ending with modest losses.

The Dow shed 68.93 points or 0.20 percent to finish at 35,031.07, while the NASDAQ sank 87.69 points or 0.57 percent to close at 15,286.64 and the S&P 500 fell 5.96 points or 0.13 percent to end at 4,514.07.

The weakness on Wall Street partly reflected concerns the rapid spread of the delta variant of the coronavirus may slow the global economic recovery.

Worries about the Federal Reserve scaling back its asset purchases also contributed to the selling pressure. The lower close by stocks also came after the Federal Reserve's Beige Book said U.S. economic growth downshifted slightly to a moderate pace in early July through August.

The Beige Book also said inflation was reported to be steady at an elevated pace, as half of the districts characterized the pace of price increases as strong, while half described it as moderate.

Crude oil futures settled higher on Wednesday as prices rose on reports of slow progress in the restoration of crude output in the Gulf of Mexico. West Texas Intermediate Crude oil futures for October ended up $0.95 or 1.4 percent at $69.30 a barrel.

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