Further Damage Tipped For Hong Kong Stock Market – Markets Insider

(RTTNews) – The Hong Kong stock market has tracked lower in three straight sessions, giving away almost 580 points or 2.1 percent along the way. The Hang Seng Index now rests just beneath the 25,390-point plateau, and the market is looking at another soft start again on Wednesday.

The global forecast for the Asian markets is flat to lower amid geopolitical concerns, although support may be found amidst stable crude oil prices. The European markets were slightly lower and the U.S. bourses were off for Independence Day, and the Asian markets are tipped to open in the red.

The Hang Seng finished sharply lower on Tuesday following losses from the financials, properties and casinos, while the oil companies were firm.

For the day, the index plummeted 395.16 points or 1.53 percent to finish at 25,389.01 after trading between 25,251.72 and 25,838.27.

Among the actives, Galaxy Entertainment plummeted 3.56 percent, while BOC Hong Kong skidded 2.37 percent, China Life dropped 2.28 percent, Sands China tumbled 1.84 percent, Ping An Insurance shed 1.42 percent, Industrial and Commercial Bank of China, slipped 1.39 percent, CNOOC surged 1.29 percent, New World Development retreated 1.20 percent, Kunlun Energy climbed 0.74 percent, Lenovo Group lost 0.40 percent and China Petroleum and Chemical (Sinopec) added 0.16 percent.

Minus a lead from Wall Street, the European stocks offered an uninspired performance after North Korea launched another ballistic missile in the direction of Japan.

Germany’s DAX was down 38.18 points or 0.31 percent to 12,437.13, while the CAC in France fell 20.82 points or 0.40 percent to 5,174.90 and London’s FTSE shed 19.86 points or 0.27 percent to 7,357.23.

North Korea’s action prompted U.S. President Donald Trump to declare it is “hard to believe South Korea and Japan will put up with this much longer.”

Crude oil futures saw no action on Tuesday in New York after eight straight days of gain. In thin trade ahead of the July 4 break, WTI light sweet crude oil jumped 78 cents to $46.83 a barrel, the highest since early May.

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