Continued Consolidation Called For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved lower in two straight sessions, slumping more than 150 points or 0.6 percent along the way. The Hang Seng Index now sits just beneath the 26,850-point plateau and it's likely to open under water again on Monday.

The global forecast is soft amidst ambiguity over the outlook for interest rates and ongoing geopolitical issues. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow that lead.

The Hang Seng finished modestly lower on Friday following mixed performances from the financial shares, property stocks and technology companies.

For the day, the index dropped 78.64 points or 0.29 percent to finish at 26,844.96 after trading between 26,741.54 and 27,176.31.

Among the actives, Alibaba Group spiked 0.97 percent, while Alibaba Health Info plummeted 5.16 percent, ANTA Sports added 0.37 percent, China Life Insurance vaulted 0.57 percent, China Mengniu Dairy rallied 0.65 percent, China Resources Land declined 1.35 percent, CITIC expanded 0.50 percent, CNOOC surrendered 1.80 percent, CSPC Pharmaceutical gained 0.31 percent, Galaxy Entertainment dropped 0.84 percent, Haier Smart Home advanced 0.46 percent, Hang Lung Properties jumped 0.96 percent, Henderson Land fell 0.19 percent, Hong Kong & China Gas rose 0.28 percent, Industrial and Commercial Bank of China collected 0.16 percent, JD.com slumped 1.30 percent, Lenovo retreated 1.55 percent, Li Auto stumbled 2.26 percent, Li Ning soared 4.35 percent, Meituan sank 0.79 percent, New World Development skyrocketed 5.31 percent, Nongfu Spring lost 0.39 percent, Techtronic Industries surged 4.87 percent, Xiaomi Corporation tumbled 2.01 percent, WuXi Biologics shed 0.60 percent and ENN Energy Holdings was unchanged.

The lead from Wall Street is weak as the major averages opened higher on Friday but quickly faded, hugging both sides of the line before ending slightly lower.

The Dow shed 83.07 points or 0.17 percent to finish at 49,359.33, while the NASDAQ slipped 14.61 points or 0.06 percent to close at 23,515.39 and the S&P 500 fell 4.46 points or 0.06 percent to end at 6,940.01. For the week, the NASDAQ slid 0.7 percent, the S&P dipped 0.4 percent and the Dow eased 0.03 percent.

The choppy trading on Wall Street followed remarks from President Donald Trump suggesting National Economic Council Director Kevin Hassett may not be his choice to become the next Federal Reserve chair.

Hassett had been seen as the frontrunner to replace Fed Chair Jerome Powell, whose term expires in May, but predictions now show former Fed Governor Kevin Warsh has surged into the lead following Trump's remarks - causing some uncertainty about the outlook for interest rates.

Trump's threats to take control of Greenland continue to attract attention, with the president suggesting he may impose tariffs on countries that don't go along with his plans for the territory.

Crude oil moved higher on Friday as traders weighed the continuing risks after reports that the U.S. is consolidating its forces in the Middle East. West Texas Intermediate crude for February delivery was up $0.40 or 0.68 percent at $59.59 per barrel.