Higher Open Predicted For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has finished lower in two straight sessions, retreating more than 450 points or 2.4 percent in that span. The Hang Seng Index now sits just above the 18,770-point plateau although it may halt its slide on Tuesday.

The global forecast for the Asian markets is cautiously optimistic on bargain hunting after a rough couple of sessions. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The Hang Seng finished sharply lower on Monday with losses in all sectors, especially among the financials, properties and technology stocks. For the day, the index plummeted 301.64 points or 1.58 percent to finish at 18,773.55 after trading between 18,554.51 and 18,792.72.

Among the actives, Alibaba Group tumbled 2.62 percent, while Alibaba Health Info dropped 1.51 perent, ANTA Sports weakened 1.93 percent, China Life Insurance tanked 2.84 percent, China Mengniu Dairy sank 1.50 percent, China Resources Land lost 1.48 percent, CITIC declined 2.33 percent, CNOOC was down 0.61 percent, Country Garden plummeted 9.65 percent, CSPC Pharmaceutical climbed 1.21 percent, Galaxy Entertainment slipped 1.01 percent, Hang Lung Properties shed 1.49 percent, Henderson Land and Hong Kong & China Gas both surrendered 2.80 percent, Industrial and Commercial Bank of China slumped 1.96 percent, JD.com slid 1.30 percent, Lenovo stumbled 2.38 percent, Li Ning plunged 4.23 percent, Meituan fell 1.31 percent, New World Development retreated 2.27 percent, Techtronic Industries dipped 1.04 percent, Xiaomi Corporation dove 0.67 percent and WuXi Biologics skidded 1.85 percent.

The lead from Wall Street is positive as the major averages opened lower on Monday; the NASDAQ and S&P 500 quickly bounced higher and stayed that way, while the Dow hugged the unchanged line throughout the session and finally finished on the green side.

The Dow added 26.23 points or 0.07 percent to finish at 35,307.63, while the NASDAQ jumped 143.48 points or 1.05 percent to close at 13,788.33 and the S&P 500 gained 25.67 points or 0.58 percent to end at 4,489.72.

The strength on Wall Street reflected bargain hunting after the NASDAQand S&P 500 ended the previous session at their lowest closing levels in a month.

Overall trading activity has remained somewhat subdued, however, amid a lack of major U.S. economic data.

Oil prices dropped on Monday on concerns about the outlook for energy demand and a stronger dollar. West Texas Intermediate Crude oil futures for September ended lower by $0.68 or 0.8 percent at $82.51 a barrel.