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Profit Taking Expected For Hong Kong Stock Market

The Hong Kong stock market has finished higher in five straight sessions, advancing more than 480 points or 1.8 percent along the way. The Hang Seng Index now rests just shy of the 28,620-point plateau although investors figure to cash in on Wednesday.

The global forecast for the Asian markets is soft on trade and interest rate concerns and a slide in crude oil prices. The European markets were up and the U.S. bourses were down and the Asian markets are expected to follow the latter lead.

The Hang Seng finished modestly higher on Tuesday as gains from the casinos, properties and financials were capped by weakness from the oil companies.

For the day, the index climbed 64.74 points or 0.23 percent to finish at 28,619.62 after trading between 28,489.41 and 28,634.65.

Among the actives, Galaxy Entertainment surged 2.87 percent, while Sands China soared 2.35 percent, CSPC Pharmaceutical spiked 1.78 percent, Techtronic Industries jumped 1.36 percent, AAC Technologies accelerated 1.26 percent, China Mengniu Dairy tumbled 0.94 percent, New World Development climbed 0.81 percent, China Mobile gathered 0.78 percent, WH Group perked 0.76 percent, CNOOC skidded 0.74 percent, Industrial and Commercial Bank of China collected 0.54 percent, China Life Insurance advanced 0.49 percent, BOC Hong Kong added 0.48 percent, AIA Group dropped 0.41 percent, Ping An Insurance sank 0.21 percent, China Petroleum and Chemical (Sinopec) and CITIC both fell 0.19 percent, Hong Kong & China Gas rose 0.11 percent and Henderson Land was unchanged.

The lead from Wall Street is uninspired as stocks fluctuated on Tuesday before pulling back from record closing highs to finish in the red.

The Dow shed 23.53 points or 0.09 percent to 27,335.63, while the NASDAQ lost 35.39 points or 0.43 percent to 8,222.80 and the S&P 500 fell 10.26 points or 0.34 percent to 3,0004.04.

Selling pressure emerged in afternoon trading after President Donald Trump told reporters U.S.-China trade talks still have a "long way to go" and once again threatened to impose tariffs on another $325 billion worth of Chinese goods.

The lower close also followed a mixed batch of U.S. economic data that led to uncertainty about the near-term outlook for interest rates. Raising concerns the Federal Reserve could refrain from cutting rates later this month, the Commerce Department noted much stronger than expected U.S. retail sales growth in June.

Crude oil prices tumbled on Tuesday amid signs U.S. and Iranian officials may renew negotiations and on reports that Hurricane Barry did not cause significant damage to oil infrastructure in the Gulf of Mexico. West Texas Intermediate Crude oil futures for August ended down $1.96 or 3.3 percent at $57.62 a barrel, the lowest mark since July 5.

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