Hong Kong Shares May See Continued Consolidation
(RTTNews) - The Hong Kong stock market on Wednesday halted the three-day winning streak in which it had surged almost 1,050 points or 4.2 percent. The Hang Seng Index now sits just above the 25,630-point plateau and it may take further damage on Thursday. The global forecast for
(RTTNews) - The Hong Kong stock market on Wednesday halted the three-day winning streak in which it had surged almost 1,050 points or 4.2 percent. The Hang Seng Index now sits just above the 25,630-point plateau and it may take further damage on Thursday.
The global forecast for the Asian markets is negative on rising oil prices and continuing hostilities in the Middle East. The European and U.S. markets were down and the Asian markets figure to follow suit.
The Hang Seng finished sharply lower on Wednesday following losses from the financial shares, property stocks and technology companies.
For the day, the index tumbled 405.11 points or 1.56 percent to finish at 25,633.21 after trading between 25,569.45 and 25,953.01.
Among the actives, AIA perked 0.18 percent, while Alibaba Group crashed 3.28 percent, Baidu slumped 1.34 percent, Bank of China shed 0.75 percent, BOC Hong Kong slipped 0.50 percent, China Construction Bank sank 1.04 percent, China Life Insurance stumbled 2.04 percent, China Merchants Bank dropped 1.16 percent, China Mobile dipped 0.41 percent, China Petroleum & Chemical slid 0.46 percent, China Shenhua Energy jumped 1.30 percent, CITIC rallied 2.33 percent, CNOOC gave up 0.37 percent, Hong Kong Exchange was down 0.24 percent, HSBC eased 0.20 percent, Industrial and Commercial Bank of China skidded 1.18 percent, JD.com plunged 4.16 percent, Lenovo retreated 1.66 percent, Meituan plummeted 5.96 percent, NetEase weakened 1.32 percent, Nongfu Spring declined 1.63 percent, PetroChina fell 0.56 percent, Ping An Insurance contracted 1.37 percent, Semiconductor Manufacturing vaulted 1.22 percent, Sun Hung Kai Properties tumbled 2.89 percent, Tencent Holdings tanked 3.16 percent, Xiaomi Corporation cratered 3.51 percent, WuXi AppTec surrendered 2.93 percent and Zijin Mining lost 0.58 percent.
The lead from Wall Street is weak as the major averages opened lower on Wednesday and tracked deeper into the red as the day progressed, ending near session lows.
The Dow rumbled 620.72 points or 1.21 percent to finish at 50,687.07, while the NASDAQ sank 239.92 points or 0.89 percent to end at 26,853.98 and the S&P 500 lost 56.10 points or 0.74 percent to close at 7,553.68.
The pullback on Wall Street came on uncertainty about the situation in the Middle East, as negotiations between the U.S and Iran continue to drag on.
