The Hong Kong stock market on Thursday snapped the seven-day winning streak in which it had skyrocketed more than 1,630 points or 5.1 percent to a record closing high. The Hang Seng Index now rests just above the 32,650-point plateau and it may take further damage on Friday.
The global forecast for the Asian markets is mixed and flat thanks to inconsistent economic data and a mild drop in crude oil prices. The European markets were down and the U.S. bourses were mixed but little changed - and the Asian markets figure to follow the latter lead.
The Hang Seng finished modestly lower on Thursday as losses from the financials and casinos were offset by support from the property and oil sectors.
For the day, the index tumbled 304.24 points or 0.92 percent to finish at 32,654.45 after trading between 32,650.22 and 32,998.05.
Among the actives, China Mengniu Dairy plummeted 4.10 percent, while Industrial and Commercial Bank of China plunged 3.02 percent, Ping An Insurance tumbled 2.45 percent, China Life skidded 2.41 percent, China Petroleum and Chemical (Sinopec) soared 1.90 percent, New World Development spiked 1.76 percent, Sands China dropped 1.66 percent, Sun Hung Kai Properties jumped 1.64 percent, Henderson Land climbed 1.23 percent, Galaxy Entertainment shed 0.98 percent, CITIC advanced 0.79 percent, CNOOC added 0.62 percent, BOC Hong Kong lost 0.60 percent and China Mobile fell 0.30 percent.
The lead from Wall Street offers little clarity as stocks were mixed again on Thursday as the Dow and the S&P 500 hit new record closing highs, but the tech-heavy NASDAQ ended in the red.
The Dow added 140.67 points or 0.54 percent to 26,392.79, while the NASDAQ fell 3.89 points or 0.05 percent to 7,411.16 and the S&P 500 gained 1.71 points or 0.06 percent to 2,839.25.
Stocks opened higher thanks to upbeat earnings news as several big-name companies beat estimates, including 3M (MMM) and Caterpillar (CAT).
In economic news, the Commerce Department noted a steep drop in new home sales in December and the Labor Department said initial jobless claims bounced off their lowest level in nearly 45 years in the week ended January 20. Also, the Conference Board reported a bigger than expected increase by its index of leading economic indicators.
Crude oil futures were flat Thursday, hovering near Wednesday's three-year highs. The dollar steadied after three-year lows, prompting some profit taking after a furious rally for most commodities. March WTI oil falls 10 cents or 0.2 percent to $65.51/bbl.
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