Hong Kong Shares Expected To Open Under Pressure On Friday

(RTTNews) - The Hong Kong stock market turned lower again on Thursday, one day after ending the four-day losing streak in which it had plummeted more than 780 points or 4.7 percent. The Hang Seng Index now rests just beneath the 17,050-point plateau and it's looking at another soft start again on Friday.

The global forecast for the Asian markets is negative as disappointing earnings news and concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The Hang Seng finished modestly lower on Thursday as losses from the technology stocks and properties were mitigated by support from the oil and finance sectors.

For the day, the index slumped 40.72 points or 0.24 percent to finish at 17,044.61 after trading between 16,917.22 and 17,174.08.

Among the actives, Alibaba Group gained 0.57 percent, while Alibaba Health Info rallied 1.59 percent, ANTA Sports plunged 5.34 percent, China Life Insurance sank 0.56 percent, China Mengniu Dairy dropped 0.99 percent, China Resources Land slumped 1.69 percent, CITIC added 0.75 percent, CNOOC climbed 1.53 percent, Country Garden stumbled 1.90 percent, CSPC Pharmaceutical increased 0.50 percent, ENN Energy tumbled 2.81 percent, Galaxy Entertainment rose 0.34 percent, Haier Smart Home jumped 1.78 percent, Hang Lung Properties tanked 4.09 percent, Henderson Land retreated 2.20 percent, Hengan International surged 3.24 percent, Hong Kong & China Gas fell 0.18 percent, Industrial and Commercial Bank of China collected 0.80 percent, JD.com advanced 1.50 percent, Lenovo strengthened 1.57 percent, Li Ning plummeted 20.70 percent, Meituan perked 0.18 percent, New World Development lost 0.42 percent, Techtronic Industries skidded 1.49 percent, Xiaomi Corporation improved 1.21 percent and WuXi Biologics declined 2.52 percent.

The lead from Wall Street is bleak as the major averages opened mixed on Thursday but quickly turned lower and finished at session lows.

The Dow dropped 251.63 points or 0.76 percent to finish at 32,784.30, while the NASDAQ stumbled 225.62 points or 1.76 percent to close at 12,595.61 and the S&O 500 sank 49.54 points or 1.18 percent to end at 4,137.23.

The weakness on Wall Street followed the release of a slew of largely upbeat U.S. economic data, including a Commerce Department report showing GDP soared by more than expected in the third quarter of 2023.

The resilience of the U.S. economy added to recent concerns about the Federal Reserve leaving interest rates higher for longer than investors had hoped.

In other economic news, the Commerce Department said new orders for U.S. manufactured durable goods spiked more than expected in September. Also, the Labor Department said first-time claims for U.S. unemployment benefits edged higher last week.

Oil prices fell to a two-week low on Thursday as diplomatic efforts to stop Israel from a ground invasion of Gaza helped ease concerns about oil supplies. Recent data showing a surge in U.S. crude inventories, and concerns about interest rates also weighed on oil prices. West Texas Intermediate Crude oil futures for December sank $2.18 or 2.6 percent at $83.21 a barrel.