The Hong Kong stock market has finished lower in three straight sessions, skidding more than 240 points or 0.8 percent along the way. The Hang Seng Index now rests just above the 29,620-point plateau although it may halt its slide on Thursday.
The global forecast for the Asian markets is mixed, with technology and oil stocks likely to fall under selling pressure. The European and U.S. markets were mixed and the Asian bourses are expected to follow suit.
The Hang Seng finished modestly lower on Wednesday following losses from the insurance companies and mixed pictures from the casinos and oil companies.
For the day, the index sank 57.02 points or 0.19 percent to finish at 29,623.83 after trading between 29,563.39 and 29,831.19.
Among the actives, BOC Hong Kong surged 4.57 percent, while CNOOC spiked 2.08 percent, Ping An Insurance tumbled 1.90 percent, Sands China climbed 1.32 percent, Kunlun Energy jumped 1.19 percent, Galaxy Entertainment skidded 0.77 percent, WH Group advanced 0.60 percent, China Life shed 0.57 percent, China Petroleum and Chemical (Sinopec) lost 0.53 percent, AIA Group fell 0.45 percent, China Mobile dipped 0.37 percent, China Mengniu Dairy added 0.24 percent and New World Development, Hong Kong & China Gas, Lenovo Group and Industrial and Commercial Bank of China all were unchanged.
The lead from Wall Street is inconclusive as stocks were mixed on Wednesday. While the Dow climbed to a new record closing high, the tech-heavy NASDAQ showed a sharp decline.
The Dow climbed 103.97 points or 0.44 percent to 23,940.68, while the NASDAQ plunged 87.97 points or 1.27 percent to 6,824.39 and the S&P 500 fell 0.97 points or 0.04 percent to 2,626.07.
The pullback by the NASDAQ came amid concerns that companies won't see much of a benefit from the proposed tax reform. On the other hand, financial and transportation shares fueled gains on the Dow.
The mixed performance came as traders digested outgoing Fed Chair Janet Yellen's testimony before the Congressional Joint Economic Committee, which further solidified expectations that the Fed will raise interest rates next month.
In economic news, the Commerce Department reported stronger than estimated economic growth in the third quarter, while the National Association of Realtors noted a bigger than expected increase in pending home sales in October.
Crude oil futures fell Wednesday despite data showing another significant decline in U.S. oil stockpiles. A strong dollar dented commodities after upbeat U.S. GDP data and hawkish comments from Fed Chair Janet Yellen. January WTI oil was down 69 cents or 1.2 percent to $57.30/bbl.
Closer to home, Hong Kong will provide October figures for retail sales - which are expected to rise 6.2 percent on year after gaining 5.5 percent in September.
by RTT Staff Writer
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