Hong Kong Bourse May Reverse Thursday's Losses

(RTTNews) - The Hong Kong stock market on Thursday ended the four-day winning streak in which it had climbed almost 1,250 points or 4.9 percent. The Hang Seng Index now sits just above the 26,080-point plateau although it figures to find renewed support on Friday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The Hang Seng finished modestly lower on Thursday following losses from the technology stocks and a mixed picture from the property and financial sectors.

For the day, the index slumped 113.94 points or 0.43 percent to finish at 26,086.32 after trading between 25,878.97 and 26,241.46.

Among the actives, Alibaba Group gained 0.35 percent, while Alibaba Health Info advanced 0.98 percent, ANTA Sports slumped 0.95 percent, China Life Insurance collected 0.17 percent, China Mengniu Dairy soared 1.94 percent, China Resources Land sank 0.49 percent, CITIC jumped 1.73 percent, CNOOC added 0.41 percent, CSPC Pharmaceutical plummeted 7.50 percent, Galaxy Entertainment rallied 1.30 percent, Haier Smart Home improved 0.31 percent, Hang Lung Properties rose 0.34 percent, Henderson Land gathered 0.22 percent, Hong Kong & China Gas climbed 1.14 percent, JD.com tumbled 1.74 percent, Lenovo surged 2.30 percent, Li Auto tanked 3.00 percent, Li Ning retreated 2.63 percent, Meituan plunged 5.06 percent, Techtronic Industries spiked 1.92 percent, Xiaomi Corporation dropped 0.55 percent, WuXi Biologics stumbled 4.26 percent and New World Development, Nongfu Spring, Industrial and Commercial Bank of China and EDD Energy Holdings were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the trading day.

The Dow surged 617.08 points or 1.36 percent to finish at 46,108.00, while the NASDAQ rallied 157.01 points or 0.72 percent to end at 22,043.07 and the S&P 500 gained 55.43 points or 0.85 percent to close at 6,587.47.

The strength on Wall Street came amid a positive reaction to separate Labor Department reports on consumer price inflation and weekly jobless claims, further boosting the chances of a rate cut.

A closely watched Labor Department report showed U.S. consumer prices rose by slightly more than expected in August. Also, first-time claims for U.S. unemployment benefits unexpectedly increased last week.

Following the reports, CME Group's FedWatch Tool is currently indicating 94.8 percent chance the Federal Reserve will lower rates by a quarter-point next week and a slim 5.2 percent chance of a half- point rate cut.

Crude oil prices fell sharply on Thursday, triggered by the International Energy Agency's monthly report that boosted the supply estimate for 2025 and 2026, indicating a glut. West Texas Intermediate crude for October delivery sank $1.22 or 1.92 percent at $62.45 per barrel.