Hong Kong Shares May Head South On Wednesday

The Hong Kong stock market on Tuesday snapped the three-day slide in which it had stumbled more than 700 points or 2.7 percent. The Hang Seng Index now rests just above the 27,970-point plateau although it’s likely to turn lower again on Wednesday.

The global forecast for the Asian markets suggests mild consolidation with global trade concerns offset by mild upside in crude oil prices. The European and U.S. bourses were down and the Asian markets figure to open in similar fashion.

The Hang Seng finished modestly higher on Tuesday following gains from the financials, properties and oil and insurance companies.

For the day, the index climbed 260.80 points or 0.94 percent to finish at 27,973.34 after trading between 27,563.79 and 27,984.89.

Among the actives, Galaxy Entertainment surged 2.62 percent, while Tencent Holdings soared 1.74 percent, CSPC Pharmaceutical spiked 1.73 percent, China Mengniu Dairy jumped 1.32 percent, Ping An Insurance climbed 1.25 percent, China Mobile advanced 1.21 percent, Sands China gathered 1.20 percent, CNOOC perked 0.87 percent, China Life collected 0.56 percent, AIA Group added 0.52 percent, Industrial and Commercial Bank of China gained 0.35 percent, China Petroleum and Chemical (Sinopec) was up 0.26 percent, Hong Kong & China Gas fell 0.12 percent and New World Development and WH Group were unchanged.

The lead from Wall Street is soft as stocks saw modest weakness on Tuesday as traders returned after the long, holiday weekend.

The Dow shed 12.34 points or 0.05 percent to 25,952.48, while the NASDAQ lost 18.29 points or 0.23 percent to 8,091.25 and the S&P 500 fell 4.80 points or 0.17 percent to 2,896.72.

The weakness on Wall Street came amid concerns on global trade after U.S. and Canadian officials failed to reach an agreement to reform NAFTA. Reports also suggest Trump will move ahead with tariffs

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