Hong Kong Bourse Tipped To Extend Losing Streak

(RTTNews) - Ahead of Monday's holiday for Chung Yeung Day, the Hong Kong stock market had moved lower in three straight sessions, surrendering more than 600 points or 3.6 percent along the way. The Hang Seng Index now rests just beneath the 17,175-point plateau and it's expected to open under pressure again on Tuesday as it catches up on missed sentiment.

The global forecast offers little clarity with few catalysts head of data later in the week, although treasury yields continue to be active. The European and U.S. markets were mixed and flat and the Asian markets figure to follow suit.

The Hang Seng finished modestly lower on Friday as losses from the financials, technology stocks and oil companies were tempered by support from the property sector.

For the day, the index sank 123.77 points or 0.72 percent to finish at 17,172.13 after trading between 17,118.07 and 17,309.74.

Among the actives, Alibaba Group skidded 0.82 percent, while Alibaba Health Info slumped 1.10 percent, ANTA Sports gained 0.66 percent, China Life Insurance plunged 3.15 percent, China Mengniu Dairy declined 1.19 percent, China Resources Land rose 0.51 percent, CITIC sank 0.75 percent, CNOOC lost 0.30 percent, Country Garden spiked 2.48 percent, CSPC Pharmaceutical added 0.90 percent, ENN Energy plummeted 4.77 percent, Galaxy Entertainment improved 0.92 percent, Henderson Land advanced 0.98 percent, Hong Kong & China Gas perked 0.18 percent, Industrial and Commercial Bank of China dropped 0.79 percent, JD.com shed 0.57 percent, Lenovo was up 0.12 percent, Li Ning tanked 2.55 percent, Meituan tumbled 2.36 percent, New World Development rallied 2.06 percent, Techtronic Industries climbed 1.18 percent, Xiaomi Corporation retreated 2.06 percent, WuXi Biologics gathered 0.33 percent and Hang Lung Properties and Hengan International were unchanged.

The lead from Wall Street is murky as the major averages opened lower on Monday, broke into the green my midday before fading and ending mixed and little changed.

The Dow slumped 190.87 points or 0.58 percent to finish at 32,936.41, while the NASDAQ added 34.52 points or 0.27 percent to close at 13,018.33 and the S&P 500 slipped 7.12 points or 0.17 percent to end at 4,217.04.

Stocks initially came under pressure as treasury yields rebounded amid ongoing concerns about the outlook for interest rates. Following the pullback seen last Friday, the yield on the benchmark 10year note moved back to the upside, briefly peeking above the key 5 percent level.

The subsequent turnaround on Wall Street came as treasury yields turned lower as the day progressed, with the ten-year yield falling into negative territory.

Trading activity was subdued, however, thanks to a lack of major U.S. economic data - although the calendar picks up later in the week. The earnings season also should be a factor, with a slew of big-name companies due to report their quarterly results.

Crude oil prices fell sharply on Monday amid easing concerns about oil supply on hopes the diplomatic efforts in the Middle East will help prevent the conflict there from escalating into a bigger regional war. West Texas Intermediate Crude oil futures for November settled at $85.49, down $2.59 or about 2.94 percent.