Lower Open Anticipated For Hong Kong Stock Market

The Hong Kong stock market has finished lower in eight straight sessions, sinking tumbling more than 770 points or 3.2 percent along the way. The Hang Seng Index now rests just above the 24,950-point plateau and it's expected to open in the red yet again on Tuesday.

The global forecast for the Asian markets is mixed to lower, with technology stocks expected to weigh - although support from crude oil prices should limit the downside. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The Hang Seng finished modestly lower on Monday following mixed performances from the technology and property stocks.

For the day, the index sank 98.63 points or 0.39 percent to finish at 24,951.34 after trading between 24,869.94 and 25,099.95.

Among the actives, AAC Technologies surged 5.95 percent, while AIA Group rallied 1.18 percent, Alibaba Group declined 1.58 percent, Alibaba Health Info dropped 1.00 percent, ANTA Sports added 0.74 percent, China Life Insurance was down 0.15 percent, China Mengniu Dairy sank 1.08 percent, China Petroleum and Chemical (Sinopec) tanked 2.95 percent, China Resources Land eased 0.14 percent, CITIC shed 0.95 percent, CNOOC surrendered 1.73 percent, Country Garden plunged 3.82 percent, CSPC Pharmaceutical retreated 1.57 percent, Galaxy Entertainment spiked 3.46 percent, Hang Lung Properties slid 0.36 percent, Henderson Land jumped 1.19 percent, Hong Kong & China Gas dipped 0.17 percent, Industrial and Commercial Bank of China collected 0.23 percent, Li Ning lost 0.85 percent, Longfor fell 0.50 percent, Meituan tumbled 2.42 percent, New World Development rose 0.14 percent, Sands China soared 4.47 percent, Techtronic Industries advanced 0.94 percent, Xiaomi Corporation skidded 1.18 percent, WuXi Biologics plummeted 4.43 percent and Sun Hung Kai Properties was unchanged.

The lead from Wall Street is not encouraging as the major averages opened higher on Monday but tumbled late in the day, with only the Dow managing to barely hang on to positive territory.

The Dow rose 17.27 points or 0.05 percent to finish at 35,619.25, while the NASDAQ plunged 202.68 points or 1.26 percent to close at 15,854.76 and the S&P fell 15.02 points or 0.32 percent to end at 4,682.94.

The mixed close on Wall Street came after President Joe Biden announced his intent to nominate Jerome Powell for a second term as Federal Reserve Chair. The White House also revealed that Biden intends to nominate current Fed Governor Lael Brainard as Vice Chair of the Federal Reserve System.

While the re-nomination of Powell will give the Fed stability as it grapples with the economic recovery and elevated inflation, Brainard was seen as the more dovish choice.

Crude oil futures settled higher Monday despite rising concerns about the outlook for energy demand due to a surge in coronavirus cases in several countries. West Texas Intermediate Crude oil futures for December rose $0.81 or 1.1 percent at $76.75 a barrel.

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