Hong Kong Bourse May Halt Its Slide On Thursday

(RTTNews) - The Hong Kong stock market has moved lower in consecutive trading days, sinking more than 220 points or 0.8 percent along the way. The Hang Seng Index now rests just above the 25,930-point plateau although it may find traction on Thursday.

The global forecast for the Asian markets is upbeat on bargain hunting and positive data. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished slightly lower on Wednesday following mixed performances from the financial shares, property stocks and technology companies.

For the day, the index eased 16.99 points or 0.07 percent to finish at 25,935.41 after trading between 25,496.13 and 25,980.90.

Among the actives, Alibaba Group shed 0.31 percent, while Alibaba Health Info slumped 0.87 percent, ANTA Sports perked 0.31 percent, China Mengniu Dairy gathered 0.43 percent, China Resources Land tumbled 1.14 percent, CITIC sank 0.48 percent, CNOOC lost 0.29 percent, CSPC Pharmaceutical added 0.68 percent, Galaxy Entertainment gained 0.57 percent, Haier Smart Home retreated 1.02 percent, Hang Lung Properties was down 0.24 percent, Henderson Land increased 0.72 percent, Hong Kong & China Gas advanced 0.83 percent, Industrial and Commercial Bank of China collected 0.16 percent, JD.com dropped 0.49 percent, Lenovo stumbled 1.59 percent, Li Auto skidded 0.51 percent, Li Ning surged 1.92 percent, Meituan jumped 1.30 percent, New World Development fell 0.28 percent, Nongfu Spring declined 0.88 percent, Techtronic Industries improved 0.79 percent, Xiaomi Corporation dipped 0.23 percent, WuXi Biologics rose 0.52 percent and China Life Insurance was unchanged.

The lead from Wall Street is solid as the major averages opened barely on Wednesday in the red but quickly accelerated into the green and stayed there for the balance of the day.

The Dow jumped 225.76 points or 0.48 percent to finish at 47,311.00, while the NASDAQ rallied 151.16 points or 0.65 percent to end at 23,499.80 and the S&P 500 gained 24.74 points or 0.37 percent to close at 6,796.29.

The strength for most of the day came as some traders looked to pick up stocks at reduced levels following the steep drop on Tuesday, which reflected concerns about valuations.

Positive sentiment may also have been generated by some upbeat U.S. economic data, including a report from payroll processor ADP showing private sector employment in the U.S. rebounded by more than expected in October.

Also, the Institute for Supply Management released a report showing U.S. service sector activity returned to expansion in October.

Crude oil prices fell on Wednesday as concerns about excess supply and lower demand compelled investors to refrain from big moves. West Texas Intermediate crude for December delivery was down $0.92 or 1.52 percent at $59.64 per barrel.