Hong Kong Bourse Set To Snap Losing Streak

The Hong Kong stock market has moved lower in back-to-back trading days, sliding more than 275 points or 1 percent along the way. The Hang Seng Index now rests just above the 27,110-point plateau although it may find traction on Friday.

The global forecast for the Asian markets suggests mild upside, mostly on bargain hunting among the oversold regional bourses. The European and U.S. markets were slightly higher and the Asian markets are tipped to follow that lead.

The Hang Seng finished modestly lower on Thursday following losses from the properties and casinos, while the oil companies were up and the financials and insurance companies were mixed.

For the day, the index shed 120.83 points or 0.44 percent to finish at 27,114.88 after trading between 27,020.73 and 27,319.25.

Among the actives, CSPC Pharmaceutical plummeted 3.37 percent, while Henderson Land plunged 2.94 percent, AIA Group tumbled 2.15 percent, New World Development skidded 1.82 percent, China Mengniu Dairy retreated 1.73 percent, Hong Kong & China Gas declined 1.69 percent, Galaxy Entertainment contracted 1.37 percent, Industrial and Commercial Bank of China collected 1.27 percent, CNOOC climbed 1.08 percent, Sun Hung Kai Properties dropped 0.77 percent, Ping An Insurance and Tencent Holdings both advanced 0.75 percent, WH Group sank 0.67 percent, CITIC added 0.56 percent, China Petroleum and Chemical (Sinopec) gained 0.54 percent, BOC Hong Kong shed 0.33 percent, Sands China lost 0.29 percent, China Life Insurance fell 0.11 percent and China Mobile was unchanged.

The lead from Wall Street is cautiously optimistic as stocks fluctuated on Thursday, with the major averages bouncing back and forth across the unchanged line before ending in the green.

The Dow added 43.47 points or 0.17 percent to finish at 25,169.88, while the NASDAQ gained 20.41 points or 0.27 percent to 7,567.72 and the S&P rose 5.85 points

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