Hong Kong Stock Market Tipped To Halt Slide

(RTTNews) - The Hong Kong stock market has moved lower in two straight sessions, retreating more than 350 points or 1.7 percent along the way. The Hang Seng Index now sits just beneath the 19,100-point plateau although it's likely to open in the green on Wednesday.

The global forecast for the Asian markets is cautiously optimistic, with bargain hunting expected after days of heavy selling on recession fears. 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 Tuesday following losses from the technology stocks and properties.

For the day, the index slumped 258.01 points or 1.33 percent to finish at 19,094.80 after trading between 18,885.20 and 19,283.14.

Among the actives, Alibaba Group plummeted 3.45 percent, while Alibaba Health Info surrendered 2.57 percent, ANTA Sports sank 0.71 percent, China Life Insurance slid 0.33 percent, China Mengniu Dairy tumbled 2.59 percent, China Resources Land plunged 5.17 percent, CITIC fell 0.38 percent, CNOOC dropped 0.80 percent, Country Garden plummeted 7.83 percent, CSPC Pharmaceutical added 0.36 percent, Galaxy Entertainment rose 0.10 percent, Hang Lung Properties declined 2.25 percent, Henderson Land tanked 2.63 percent, Hong Kong & China Gas advanced 0.95 percent, Industrial and Commercial Bank of China dipped 0.26 percent, JD.com weakened 1.69 percent, Lenovo slumped 1.75 percent, Li Ning skidded 1.21 percent, Meituan stumbled 1.85 percent, New World Development shed 0.46 percent, Techtronic Industries jumped 1.59 percent, Xiaomi Corporation retreated 2.04 percent and WuXi Biologics lost 0.40 percent.

The lead from Wall Street suggests mild upside as the major averages opened lower, bounced back and forth across the unchanged line and finally moved into positive territory for good in the afternoon.

The Dow advanced 92.20 points or 0.28 percent to finish at 32,848,74, while the NASDAQ perked 1.08 points or 0.01 percent to close at 10,547.11 and the S&P 500 rose 3.96 points or 0.10 percent to end at 3,821.62.

The modest strength on Wall Street came as traders looked to pick up stocks at reduced levels following recent weakness. The major averages had closed lower for four consecutive session, ending Monday's trading at their lowest closing levels in over a month.

Buying interest remained somewhat subdued, however, with some traders reluctant to get back into the markets amid lingering concerns the Federal Reserve's aggressive interest rate hikes will tip the economy into a recession.

In economic news, the Commerce Department reported a decrease in new residential construction and building permits in the U.S. in November.

Crude oil bounced higher on Tuesday thanks to an improving demand outlook and a slightly weaker dollar. West Texas Intermediate rose $0.83 or 1.10 percent to $76.02 per barrel.