Hong Kong Bourse May Test Support At 26,000 Points

The Hong Kong stock market headed south again on Friday, one session after it had snapped the two-day losing streak in which it had stumbled almost 70 points or 0.3 percent. The Hang Seng Index now rests just beneath the 26,150-point plateau and it’s predicted to open lower again on Monday.

The global forecast for the Asian markets remains negative on coronavirus fears and its effect on the world economy. The European and U.S. markets were down on Friday and now the Asian bourses are tipped to open in similar fashion.

The Hang Seng finished sharply lower on Friday following losses from the financials, properties, casinos and oil and insurance companies.

For the day, the index plummeted 621.23 points or 2.32 percent to finish at 26,146.67 after trading between 26,084.23 and 26,408.80.

Among the actives, Techtronic Industries cratered 7.41 percent, while CITIC plummeted 4.49 percent, CNOOC plunged 3.98 percent, China Resources Land tumbled 3.92 percent, Sands China skidded 3.48 percent, China Mobile retreated 3.20 percent, Galaxy Entertainment declined 3.13 percent, Tencent Holdings sank 2.56 percent, China Life Insurance gave away 2.48 percent, New World Development dropped 2.46 percent, Industrial and Commercial Bank of China shed 2.37 percent, BOC Hong Long lost 2.29 percent, AIA Group fell 2.06 percent, China Petroleum and Chemical (Sinopec) slid 2.00 percent, WH Group dipped 1.66 percent, Ping An Insurance eased 1.52 percent, Hong Kong & China Gas was down 0.92 percent and CSPC Pharmaceutical was unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Friday. They pulled back from sessions lows as the day progressed but still ended firmly in the red.

The Dow shed 256.50 points or 0.98 percent to end at 25,864,78, while the NASDAQ lost 162.98 points or 1.87 percent to 8,575.62 and the S&P 500 fell

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