Losing Streak May End For Hong Kong Stock Market
(RTTNews.com) - The Hong Kong stock market has fallen lower in consecutive trading days, tumbling more than 660 points or 2 percent along the way. The Hang Send Index now rests just above the 30,440-point plateau, although it may stop the bleeding on Friday.
The global forecast for the Asian markets is cautiously optimistic thanks to encouraging economic news and a bump in crude oil prices. The European and U.S. markets were mostly higher and the Asian bourses figure to follow suit.
The Hang Seng finished modestly lower on Thursday following losses from the properties, financials and oil companies.
For the day, the index sank 284.98 points or 0.93 percent to finish at 30,440.17.
Among the actives, China Mengniu Dairy plummeted 4.78 percent, while WH Group plunged 3.20 percent, CNOOC tumbled 2.24 percent, China Petroleum and Chemical (Sinopec) skidded 2.15 percent, Henderson Land declined 1.45 percent, AIA Group dropped 1.41 percent, CSPC Pharmaceutical Group retreated 1.40 percent, New World Development shed 1.33 percent, Hong Kong & China Gas and Industrial and Commercial Bank of China both lost 0.93 percent, Ping An Insurance collected 0.64 percent, China Mobile fell 0.56 percent and China Life dipped 0.45 percent.
The lead from Wall Street is conflicted as the major averages were mixed on Thursday as the tech-heavy NASDAQ climbed to a new record closing high, while the Dow fell for the third straight day.
The Dow fell 25.89 points or 0.10 percent to 25,175.31, while the NASDAQ added 65.34 points or 0.85 percent to 7,761.04 and the S&P added 6.86 points or 0.25 percent to 2,782.49.
The support for the markets followed the release of a Commerce Department report showing a bigger than expected jump in retail sales in May. Also, the Labor Department noted a mild drop in initial jobless claims in the week ended June 9th.
Traders were also digesting the European Central Bank's monetary policy statement that revealed plans to wind down its massive bond-buying program. The ECB also left interest rates unchanged and said it expects rates to remain at their present levels for at least a year.
Crude oil futures inched higher Thursday, settling at a two-week high despite rumors that OPEC will ramp up production. The dollar strengthened a bit on the news, putting a cap on oil's advance.
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