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Home Hong Kong Business Hong Kong Shares May Find Traction On Monday

Hong Kong Shares May Find Traction On Monday

Hong Kong Business 2017/09/25 at 2:00 PM
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The Hong Kong stock market has finished lower in two straight sessions, surrendering almost 250 points or 0.9 percent along the way.

The Hang Seng Index now rests just above the 27,880-point plateau, although it may open slightly higher on Monday.

The global forecast for the Asian markets is cloudy, with little movement expected as firm crude oil prices figure to prevent too much damage.

The European and U.S. markets were mixed and little changed on Friday and the Asian markets are expected to follow that lead.

The Hang Seng finished modestly lower on Friday following losses from the financials, properties and oil companies.

For the day, the index tumbled 229.80 points or 0.82 percent to finish at 27,880.53 after trading between 27,845.52 and 27,960.92.

Among the actives, China Resources Land plummeted 3.93 percent, while New World Development spiked 1.63 percent, Ping An Insurance skidded 1.60 percent, Li & Fung tumbled 1.08 percent, BOC Hong Kong dropped 1.03 percent, CNOOC and China Life both shed 0.84 percent, Industrial and Commercial Bank of China lost 0.68 percent, China Petroleum and Chemical (Sinopec) fell 0.51 percent, Lenovo Group dipped 0.24 percent and Sands China eased 0.13 percent.

The lead from Wall Street is uninspired as stocks were lackluster on Friday, hovering near the unchanged line before ending mixed.

The Dow shed 9.64 points or 0.04 percent to 22.349.59, while the NASDAQ added 4.23 points or 0.07 percent to 6,426.92 and the S&P gained 1.62 points or 0.06 percent to 2,502.22. For the week, the NASDAQ eased 0.3 percent, the Dow rose 0.4 percent and the S&P added 0.1 percent.

The choppy trading reflected geopolitical concerns amid an escalating war of words between North Korean leader Kim Jong Un and President Donald Trump. Also, North Korean Foreign Minister Ri Yong Ho said his country may consider testing a hydrogen bomb in the Pacific Ocean.

Crude oil prices inched higher Friday, preserving weekly gains as OPEC met in Vienna to discuss output cuts. November oil rose 11 cents to $50.66 a barrel for a weekly gain over 0.4 percent.

http://markets.businessinsider.com/

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