Continued Consolidation Called For Hong Kong Shares

(RTTNews) - The Hong Kong stock market had moved lower in four straight sessions, shedding more than 525 points or 1.9 percent along the way. The Hang Seng Index now sits just above the 26,750-point plateau and it may extend its slide on Friday.

The global forecast for the Asian markets is weak on waning optimism over the outlook for interest rates. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The Hang Seng finished modestly lower on Thursday as losses from the technology stocks were offset by support from the financial shares and property stocks.

For the day, the index dropped 76.87 points or 0.29 percent to finish at 26.752.59 after trading between 26,480.58 and 26,978.41.

Among the actives, Alibaba Group and Li Ning both surrendered 2.42 percent, while Alibaba Health Info plunged 3.77 percent, ANTA Sports fell 0.22 percent, China Life Insurance strengthened 1.58 percent, China Mengniu Dairy spiked 2.53 percent, China Resources Land climbed 1.11 percent, CITIC surged 3.91 percent, CNOOC jumped 1.62 percent, CSPC Pharmaceutical plummeted 4.28 percent, Galaxy Entertainment and Li Auto both tumbled 0.94 percent, Haier Smart Home rallied 1.74 percent, Hang Lung Properties soared 3.53 percent, Henderson Land added 0.52 percent, Hong Kong & China Gas advanced 0.88 percent, Industrial and Commercial Bank of China collected 0.89 percent, JD.com perked 0.07 percent, Lenovo skyrocketed 7.26 percent, Meituan eased 0.10 percent, New World Development tanked 3.62 percent, Nongfu Spring accelerated 2.26 percent, Techtronic Industries rose 0.16 percent, Xiaomi Corporation slumped 0.93 percent and WuXi Biologics stumbled 2.48 percent.

The lead from Wall Street is soft as the major averages opened flat but quickly turned lower and spent the balance of the day in the red.

The Dow dropped 243.36 points or 0.52 percent to finish at 46,358.42, while the NASDAQ slipped 18.75 points or 0.08 percent to close at 23,023.62 and the S&P 500 sank 18.61 points or 0.28 percent to end at 6,735.11.

The pullback on Wall Street reflected profit taking following recent strength in the markets, which came amid persistent optimism about the artificial intelligence trade.

Investors may also have begun to express concerns about the ongoing U.S. government shutdown, which entered its ninth day with no end in sight.

Traders also kept an eye on remarks by several Federal Reserve officials, with Fed Governor Michael Barr said the central bank should move "cautiously" due to considerable uncertainty about the future course of the economy.

Crude oil prices fell sharply on Thursday due to the possible easing of hostilities in the Middle East. West Texas Intermediate crude for November delivery was down $1.10 or 1.76 percent at $61.45 per barrel.