Hong Kong Shares Tipped To Open Under Pressure

The Hong Kong stock market has finished lower in two straight sessions, sinking almost 350 points or 1.3 percent along the way. The Hang Seng Index now rests just above the 27,300-point plateau and it’s looking at another red light again on Monday.

The global forecast for the Asian markets is soft on renewed concerns about the coronavirus and its repercussions. The European and U.S. markets were down on Friday and the Asian markets are now expected to open in similar fashion.

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

For the day, the index plummeted 300.35 points or 1.09 per cent to finish at 27,308.81 after trading between 27,264.78 and 27,484.53.

Among the actives, Sands China plummeted 3.39 percent, while CITIC plunged 2.52 percent, Galaxy Entertainment tumbled 2.35 percent, Tencent Holdings skidded 2.20 percent, China Life Insurance retreated 1.43 percent, WH Group declined 1.39 percent, New World Development dropped 1.38 percent, CSPC Pharmaceutical sank 1.04 percent, China Mobile shed 0.97 percent, AIA Group lost 0.69 percent, Ping An Insurance fell 0.66 percent, Industrial and Commercial Bank of China slid 0.54 percent, China Petroleum and Chemical dipped 0.47 percent, Hong Kong & China Gas eased 0.,40 percent and CMOOC was down 0.33 percent.

The lead from Wall Street is negative as stocks opened firmly in the red on Friday and remained there throughout the sessions, extending recent losses.

The Dow shed 227.57 points or 0.78 percent to end at 28,992.41, the NASDAQ lost 174.38 points or 1.79 percent to 9,576.59 and the S&P 500 fell 35.48 points or 1.05 percent to 3,337.75. For the week, the Dow shed 1.4 percent, the NASDAQ fell 1.6 percent and the S&P slumped 1.3 percent.

The sell-off on Wall Street came as traders

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