Lower Open Predicted For Hong Kong Stock Market – Nasdaq

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(RTTNews.com) – The Hong Kong stock market has alternated between positive and negative finishes through the last 10 trading days since the end of the two-day losing streak in which it had fallen almost 200 points or 0.7 percent. The Hang Seng Index now rests just above the 29,150-point plateau and it’s called lower again on Wednesday.

The global forecast for the Asian markets is negative thanks to uncertainty over U.S. tax reform and a decline in crude oil prices. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The Hang Seng finished slightly lower on Tuesday following losses from the financials, oil companies, casinos and insurance stocks.

Among the actives, Cathay Pacific Airways plummeted 1.96 percent, while China Petroleum and Chemical (Sinopec) tumbled 1.57 percent, China Life skidded 1.47 percent, CNOOC dropped 1.44 percent, China Mobile surrendered 1.26 percent, AIA Group jumped 0.92 percent, BOC Hong Kong climbed 0.82 percent, Industrial and Commercial Bank of China shed 0.49 percent, Hong Kong & China Gas added 0.41 percent, Galaxy Entertainment lost 0.35 percent, New World Development picked up 0.35 percent, Lenovo Group fell 0.22 percent, Ping An Insurance dipped 0.13 percent and Sands China and Mengniu Dairy were unchanged.

The lead from Wall Street is soft as stocks opened lower on Tuesday, regained some ground but still finish in the red – offsetting modest gains from the previous session.

The Dow shed 30.23 points or 0.13 percent to 23,409.47, while the NASDAQ lost 19.72 points or 0.29 percent to 6,737.87 and the S&P 500 fell 5.97 points or 0.23 percent to 2,578.87.

Uncertainty about the outlook for the Republican tax reform proposal weighed as the House prepares to vote on their bill later this week. The House bill has significant differences from the Senate version, raising concerns about whether GOP lawmakers will be able to combine the legislation.

In economic news, the Labor Department reported that producer prices increased more than expected in October – as did core producer prices.

Energy stocks showed a significant move to the downside on Tuesday amid a steep drop by the price of crude oil – which tumbled $1.06 to $55.70 a barrel for December delivery.

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