Hong Kong Bourse May Take Further Damage On Monday
(RTTNews.com) - The Hong Kong stock market on Friday wrote a finish to the four-day winning streak in which it had advanced nearly 925 points or 3.5 percent. The Hang Seng Index now rests just above the 28,365-point plateau and it's looking at another soft start again on Monday.
The global forecast for the Asian markets is negative, largely on trade and geopolitical concerns. The European and U.S. markets were down on Friday and the Asian bourses figure to open in similar fashion.
The Hang Seng finished modestly lower on Friday following losses from the financials, casinos, properties and oil companies.
For the day, the index skidded 240.68 points or 0.84 percent to finish at 28,366.62 after trading between 28,296.99 and 28,665.90.
Among the actives, AAC Technologies Holdings plummeted 2.97 percent, while Bank of East Asia plunged 2.58 percent, China Mengniu Dairy tumbled 2.50 percent, China Petroleum and Chemical (Sinopec) skidded 2.25 percent, CSPC Pharmaceuticals retreated 1.68 percent, Galaxy Entertainment dropped 1.66 percent, CNOOC declined 1.54 percent, BOC Hong Kong gave away 1.26 percent, Sands China shed 1.16 percent, New World Development lost 0.91 percent, Hong Kong & China Gas and Hang Lung Properties both fell 0.87 percent, Industrial and Commercial Bank of China was down 0.86 percent, China Life slid 0.83 percent, China Mobile added 0.77 percent and Ping An Insurance dipped 0.62 percent.
The lead from Wall Street is soft as stocks moved lower on Friday after closing mixed in the previous two sessions.
The Dow slid 196.09 points or 0.77 percent to 25,313.14, the NASDAQ fell 52.67 points or 0.67 percent to 7,839.11 and the S&P 500 dropped 20.30 points or 0.71 percent to 2,833.28.
The weakness came amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson. The Turkish lira has plummeted to a record low, contributing to weakness in the overseas markets.
In economic news, the Labor Department noted a modest increase in consumer prices in July - while core consumer prices also edged higher.
Crude oil prices climbed higher on Friday, lifted by International Energy Agency's forecast that world oil demand will increase next year. Crude oil futures for September delivery ended up $0.82 or 1.3 percent at $67.63 a barrel.
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