Higher Open Expected For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has tracked lower in two straight sessions, dropping more than 190 points or 0.8 percent along the way. The Hang Seng Index now sits just above the 24,280-point plateau although it's likely to move back to the upside again on Monday.

The global forecast for the Asian markets is positive on optimism over a possible resolution to tariff talks. The European and U.S. markets finished higher and the Asian bourses are expected to follow that lead.

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

For the day, the index fell 41.25 points or 0.17 percent to finish at 24,284.15 after trading between 24,194.85 and 24,471.53.

Among the actives, Alibaba Group eased 0.09 percent, while Alibaba Health Info skyrocketed 6.35 percent, ANTA Sports gained 0.48 percent, China Life Insurance plummeted 2.97 percent, China Mengniu Dairy declined 1.33 percent, China Resources Land plunged 2.55 percent, CITIC fell 0.23 percent, CNOOC was up 0.11 percent, CSPC Pharmaceutical slumped 1.15 percent, Galaxy Entertainment tanked 2.38 percent, Haier Smart Home rallied 1.58 percent, Hang Lung Properties rose 0.40 percent, Henderson Land surrendered 1.95 percent, Hong Kong & China Gas and CLP Holdings both dropped 0.60 percent, Industrial and Commercial Bank of China tumbled 2.02 percent, JD.com perked 0.15 percent, Lenovo gathered 0.32 percent, Li Auto retreated 1.78 percent, Meituan sank 0.46 percent, New World Development stumbled 2.06 percent, Nongfu Spring skidded 0.74 percent, Techtronic Industries added 0.52 percent, Xiaomi Corporation surged 3.60 percent, WuXi Biologics improved 0.60 percent and Li Ning and ENN Energy Holdings were unchanged.

The lead from Wall Street is upbeat as the major averages spent most of Friday in the green, shaking off a late slump to finish solidly in positive territory.

The Dow jumped 432.47 points or 1.00 percent to finish at 43,819.27, while the NASDAQ gained 105.56 points or 0.52 percent to end at 20,273.46 and the S&P 500 added 32.05 points or 0.52 percent to end at 6,173.07. For the week, the NASDAQ surged 4.3 percent, the Dow jumped 3.8 percent and the S&P 500 shot up 3.4 percent.

Optimism about new trade deals contributed to the early rally on Wall Street after President Donald Trump indicated the U.S. had signed an agreement with China.

However, stocks pulled back sharply in afternoon trading after Trump said he is ending trade talks with Canada due to the country imposing a digital services tax on U.S. technology companies.

In economic news, the Commerce Department released a closely watched report that included the Federal Reserve's preferred readings on consumer price inflation - which said overall inflation rose in line with expectations.

Crude oil posted gains on Friday in the wake of the U.S. confirming readiness to sign trade deals with China and multiple other trading partners, plus indications of strong summer demand. West Texas Intermediate crude for August delivery rose $0.28 to settle at $65.52 per barrel.