Hong Kong Stock Market May Find Traction

The Hong Kong stock market has moved lower in three straight sessions, tumbling more than 770 points or 2.8 percent along the way. The Hang Seng Index now rests just above the 28,180-point plateau, although it’s expected to bounce higher on Friday.

The global forecast for the Asian markets is firm thanks to optimism over the latest batch of minutes from the FOMC. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The Hang Seng finished modestly lower on Thursday as losses from the oil companies and casinos were mitigated by support from the financials and properties.

For the day, the index gave up 59.58 points or 0.21 percent to finish at 28,182.09.

Among the actives, CNOOC plummeted 2.48 percent, while China Life plunged 1.54 percent, Sands Chins tumbled 1.52 percent, Industrial and Commercial Bank of China jumped 1.10 percent, Galaxy Entertainment skidded 0.97 percent, CSPC Pharmaceuticals climbed 0.71 percent, Ping An Insurance dropped 0.57 percent, Hong Kong & China Gas advanced 0.53 percent, China Petroleum and Chemical (Sinopec) shed 0.29 percent, New World Development added 0.18 percent and Sun Hung Kai Properties gained 0.17 percent.

The lead from Wall Street is positive as stocks opened higher on Thursday, faded in the late morning but regrouped in the afternoon to end near their highest levels of the day.

The Dow added 181.92 points or 0.75 percent to finish at 24,356.74, the NASDAQ jumped 83.75 points or 1.12 percent to 7,586.43 and the S&P gained 23.39 points or 0.86 percent to 2,736.61.

The late rally was in response to the minutes of the Fed’s June meeting, which said the Federal Reserve intends to press ahead with interest rate hikes despite mounting concerns about a possible trade war.

At that meeting, the Fed raised

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