Hang Seng Expected To Open Under Pressure On Wednesday

(RTTNews) - The Hong Kong stock market has finished lower in back-to-back sessions, tumbling more than 430 points or 2.2 percent along the way. The Hang Seng Index now rests just above the 19,600-point plateau and it's looking at another soft start again on Wednesday.

The global forecast for the Asian markets is cautious on concerns for the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The Hang Seng finished sharply lower on Tuesday following heavy damage among the financials and more measures losses from the financials and properties.

For the day, the index plummeted 305.81 points or 1.54 percent to finish at 19,607.08 after trading between 19,504.63 and 19,863.86.

Among the actives, Alibaba Group shed 1.51 percent, while Alibaba Health Info tumbled 3.01 percent, ANTA Sports dropped 1.99 percent, China Life Insurance skidded 2.05 percent, China Mengniu Dairy rose 0.16 percent, China Resources Land sank 1.75 percent, CITIC dipped 0.20 percent, CNOOC fell 0.88 percent, Country Garden plummeted 6.97 percent, CSPC Pharmaceutical gained 0.57 percent, Galaxy Entertainment jumped 1.71 percent, Hang Lung Properties slumped 2.13 percent, Henderson Land added 0.62 percent, Industrial and Commercial Bank of China slid 0.24 percent, JD.com tanked 3.04 percent, Lenovo declined 2.73 percent, Li Ning stumbled 2.42 percent, Meituan plunged 3.43 percent, New World Development lost 0.99 percent, Techtronic Industries retreated 2.60 percent, Xiaomi Corporation surrendered 2.93 percent, WuXi Biologics cratered17.02 percent and Hong Kong & China Gas, Haier Smart Home and CK Infrastructure were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and stayed in the red throughout the session.

The Dow tumbled 245.25 points or 0.72 percent to finish at 34,053.87, while the NASDAQ dipped 22.28 points or 0.16 percent to end at 13,667.29 and the S&P 500 fell 20.88 points or 0.47 percent to close at 4,388.71.

The early weakness on Wall Street came as traders continued to cash in on recent strength in the markets, which lifted the NASADAQ and the S&P 500 to their best levels in over a year last week.

Selling pressure waned over the course of the session, however, as traders look ahead to congressional testimony by Federal Reserve Chair Jerome Powell later today regarding the outlook for interest rates.

On the U.S. economic front, the Commerce Department said new residential construction in the U.S. unexpectedly skyrocketed in May, while building permits also jumped more than expected.

Crude oil prices fell on Tuesday amid concerns that further tightening by the Federal Reserve and other central banks may impact global economic growth and weighed on oil prices. West Texas Intermediate Crude oil futures for August ended down $0.74 at $71.19 a barrel.