Hong Kong Shares Tipped To Open To The Upside On Tuesday

(RTTNews) - The Hong Kong stock market has finished lower in two straight sessions, retreating more than 410 points or 1.9 percent along the way. The Hang Seng Index now sits just beneath the 23,160-point plateau although it's expected to open in the green on Tuesday,

The global forecast for the Asian markets is cautiously optimistic on optimism over the outlook for interest rates. The European markets were slightly lower and the U.S. bourses were slightly higher and the Asian markets are tipped to follow the latter lead.

The Hang Seng finished modestly lower on Monday following losses from the properties and financials and a mixed picture from the technology companies.

For the day, the index dropped 131.80 points or 0.57 percent to finish at 23,157.97 after trading between 22,668.35 and 23,163.35.

Among the actives, Alibaba Group fell 0.61 percent, while Alibaba Health Info slipped 0.44 percent, ANTA Sports slumped 1.26 percent, China Life Insurance shed 0.75 percent, China Mengniu Dairy sank 0.79 percent, China Resources Land stumbled 2.15 percent, CITIC gained 0.40 percent, CLP Holdings rose 0.05 percent, CNOOC skidded 1.11 percent, CSPC Pharmaceutical plunged 4.81 percent, Galaxy Entertainment jumped 1.80 percent, Haier Smart Home tanked 2.17 percent, Hang Lung Properties slid 0.48 percent, Henderson Land dropped 1.02 percent, Hong Kong & China Gas added 0.43 percent, Industrial and Commercial Bank of China declined 1.40 percent, JD.com eased 0.23 percent, Lenovo weakened 1.22 percent, Li Auto tumbled 2.05 percent, Li Ning lost 0.67 percent, Meituan retreated 1.67 percent, New World Development plummeted 6.47 percent, Nongfu Spring dipped 0.39 percent, Techtronic Industries advanced 0.80 percent, Xiaomi Corporation rallied 1.28 percent and WuXi Biologics was unchanged.

The lead from Wall Street is mildly positive as the major averages spent most of Monday in the red before a late rally nudged them over the unchanged line.

The Dow added 35.41 points or 0.08 percent to finish at 42,305.48, while the NASDAQ gained 128.85 points or 0.67 percent to close at 19,242.61 and the S&P 500 rose 24.25 points or 0.41 percent to end at 5,935.94.

The early weakness on Wall Street reflected renewed trade concerns amid further signs of rising tensions between the U.S. and China.

China on Monday pushed back against President Donald Trump's claims that it had broken the Geneva trade agreement, accusing the U.S. of violating the deal with increased tech export restrictions and the revocation of Chinese student visas.

However, selling pressure waned following the release of a report from the Institute for Supply Management showing U.S. manufacturing activity unexpectedly weakened in May. The report generated some optimism about the outlook for interest rates amid signs of U.S. economic weakness due to Trump's trade war.

Crude oil futures moved sharply higher on Monday, amid escalating geopolitical tensions and reports of more U.S. sanctions on Moscow. West Texas Intermediate crude for June delivery shot up $1.73 or 2.9 percent to $62.52 a barrel.