logo
Plus   Neg
Share
Email

Continued Selling Pressure Expected For Hong Kong Shares

The Hong Kong stock market on Friday wrote a finish to the four-day winning streak in which it had soared almost 1,450 points or 5.3 percent. The Hang Seng Index now rests just above the 28,470-point plateau and may take further damage on Monday.

The global forecast for the Asian markets suggests mild consolidation on geopolitical and trade concerns. The European and U.S. markets were slightly lower and the Asian markets are expected to open in similar fashion.

The Hang Seng finished modestly lower on Friday following losses from the properties, casinos and insurance companies.

For the day, the index sank 76.72 points or 0.27 percent to finish at 28,473.71 after trading between 28,359.25 and 28,581.51.

Among the actives, CLP Holdings plummeted 4.27 percent, while CNOOC surged 2.59 percent, BOC Hong Kong and Galaxy Entertainment both plunged 1.92 percent, Sands China tumbled 1.71 percent, CSPC Pharmaceutical skidded 1.45 percent, China Mobile spiked 1.07 percent, Henderson Land dropped 0.94 percent, New World Development retreated 0.80 percent, AIA Group jumped 0.79 percent, China Petroleum and Chemical (Sinopec) climbed 0.75 percent, CITIC advanced 0.72 percent, Hong Kong & China Gas dropped 0.68 percent, Ping An Insurance sank 0.42 percent, China Life Insurance shed 0.31 percent, WH Group lost 0.25 percent, Tencent Holdings added 0.11 percent and Industrial and Commercial Bank of China and Wharf Real Estate were unchanged.

The lead from Wall Street is soft as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending lower.

The Dow shed 34.04 points or 0.13 percent to end at 26,719.13, while the NASDAQ lost 19.63 points or 0.24 percent to 8,031.71 and the S&P 500 fell 3.72 points or 0.13 percent to 2,950. For the week, the Dow added 2.4 percent, the NASDAQ jumped 3 percent and the S&P perked 2.2 percent.

Traders were looking ahead to this week's G20 summit in Japan, where Trump and Chinese President Xi Jinping are due to meet in an effort to revive trade talks.

Traders were also cautious amid escalating tensions between the U.S. and Iran after Iran's Revolutionary Guard shot down an unmanned U.S. surveillance drone on Thursday.

Crude oil prices moved higher on Friday, extending gains from previous session as escalating tensions between the U.S. and Iran raised concerns about a disruption in global crude supplies. West Texas Intermediate crude oil futures for August ended up $0.36 or 0.6 percent at $57.43 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT