Higher Open Predicted For Hong Kong Stock Market

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(RTTNews) – The Hong Kong stock market has alternated between positive and negative finishes through the last four trading days since the end of the five-day losing streak in which it plummeted almost 1,450 points or 7 percent. The Hang Seng Index now sits just beneath the 20,575-point plateau although it’s expected to bounce higher again on Friday.

The global forecast for the Asian markets is mixed to higher, with gains from the technology and property stocks likely capped by weakness from the energy companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The Hang Seng finished sharply lower on Thursday following losses from the financials, properties, oil companies and casinos – while the technology stocks offered support.

For the day, the index plummeted 315.59 points or 1.51 percent to finish at 20,574.63 after trading between 20,527.35 and 20,827.61.

Among the actives, Alibaba Group dropped 1.16 percent, while Alibaba Health Info skidded 1.33 percent, ANTA Sports weakened 1.44 percent, China Life Insurance shed 0.68 percent, China Mengniu Dairy added 0.67 percent, China Petroleum and Chemical (Sinopec) fell 0.56 percent, China Resources Land crashed 3.83 percent, CITIC and ENN Energy both slid 0.48 percent, CNOOC declined 2.10 percent, Country Garden plummeted 8.85 percent, CSPC Pharmaceutical dipped 0.36 percent, Galaxy Entertainment cratered 3.06 percent, Hang Lung Properties retreated 1.85 percent, Henderson Land tanked 2.69 percent, Hong Kong & China Gas lost 0.61 percent, Industrial and Commercial Bank of China sank 0.97 percent, JD.com advanced 0.73 percent, Lenovo climbed 0.97 percent, Li Ning slumped 1.69 percent, Longfor plunged 7.22 percent, Meituan surrendered 2.21 percent, New World Development stumbled 1.51 percent, Techtronic Industries surged 2.36 percent, Xiaomi Corporation gained 0.46 percent and WuXi Biologics jumped 1.13 percent.

The lead from Wall Street is upbeat as the major averages shook off early weakness on Thursday, moving solidly into the green as the day progressed.

The Dow jumped 162.06 points or 0.51 percent to finish at 32,036.90, while the NASDAQ spiked 161.96 points or 1.36 percent to end at 12,059.61 and the S&P 500 gained 39.05 points or 0.99 percent to close at 3,998.95.

The volatility on Wall Street came as traders expressed uncertainty about the outlook for the markets following the recent upward move. The NASDAQ benefitted from a significant advance by shares of Tesla (TSLA), which reported second quarter earnings that beat expectations.

The latest U.S. economic data may have also helped ease concerns about the outlook for interest rates, with the Labor Department noting that initial jobless claims unexpectedly rose to an eight-month high last week.

A separate report released by the Federal Reserve Bank of Philadelphia showed regional manufacturing activity unexpectedly contracted at a faster rate in July. The Conference Board also released a report showing its index of leading economic indicators decreased for the fourth straight month in June.

Crude oil prices tumbled on Thursday, extending losses from the previous session amid concerns about the outlook for energy demand in the near term due to slowing economic growth and rising interest rates. West Texas Intermediate Crude oil futures for September ended lower by $3.53 or 3.5 percent at $96.35 a barrel.