Consolidation Likely For Hong Kong Shares

(RTTNews) - The Hong Kong stock market has moved higher in four straight sessions, advancing more than 570 points or 2.4 percent along the way. The Hang Seng Index now rests just above the 25,080-point plateau although it may see some profit taking on Friday.

The global forecast for the Asian markets is murky, clouded by conflicting reports on U.S. tariffs. The European and U.S. markets were mixed and the Asian bourses figure to tick lower on profit taking.

The Hang Seng finished modestly higher on Thursday as gains from the financial shares and properties were capped by weakness from the technology stocks.

For the day, the index climbed 171.00 points or 0.69 percent to finish at 25,081.63 after trading between 24,820.60 and 25,115.16.

Among the actives, Alibaba Group rallied 2.14 percent, while Alibaba Health Info stumbled 1.39 percent, China Life Insurance collected 0.71 percent, China Mengniu Dairy added 0.91 percent, China Resources Land spiked 3.21 percent, CITIC perked 0.17 percent, CNOOC rose 0.21 percent, CSPC Pharmaceutical tanked 3.78 percent, Galaxy Entertainment surged 3.41 percent, Haier Smart Home eased 0.08 percent, Hang Lung Properties jumped 2.00 percent, Henderson Land soared 3.35 percent, Hong Kong & China Gas climbed 1.59 percent, Industrial and Commercial Bank of China improved 1.47 percent, JD.com strengthened 1.71 percent, Lenovo increased 1.00 percent, Li Auto sank 0.87 percent, Li Ning advanced 1.28 percent, Meituan gained 0.74 percent, New World Development skyrocketed 10.19 percent, Nongfu Spring accelerated 2.25 percent, Techtronic Industries lost 0.37 percent, Xiaomi Corporation plunged 3.98 percent, WuXi Biologics plummeted 5.06 percent and ANTA Sports was unchanged.

The lead from Wall Street offers little clarity as the major averages opened higher but quickly slumped and then spent the day hugging the line, ending little changed and on opposite sides.

The Dow stumbled 224.48 points or 0.51 percent to finish at 43,968.64, while the NASDAQ gained 73.27 points or 0.35 percent to close at 21,242.70 and the S&P 500 fell 5.06 points or 0.08 percent to end at 6,340.00.

The early strength on Wall Street came after President Donald Trump announced a 100 percent tariff on imports of semiconductors and chips but said companies that are building in the United States would be exempt.

Buying interest waned over the course of the session, however, as traders continued to express concerns about the economic impact of Trump's trade policies as new tariffs on dozens of countries took effect on Thursday.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits rose more than expected last week. Also, the Labor Department noted a significant rebound by labor productivity in the second quarter.

Crude oil prices fell Thursday on inconsistency in the U.S. stance on Russia and it's invasion on Ukraine. West Texas Intermediate crude for September delivery was down $0.49 or 0.76 percent at $63.86 per barrel.