Hang Seng Tipped To End Losing Streak

(RTTNews) - The Hong Kong stock market has moved lower in three straight sessions, sinking more than 550 points or 2.2 percent in that span. The Hang Seng Index now sits just shy of the 25,060-point plateau although it's due for support on Friday.

The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The Hang Seng finished sharply lower on Thursday following losses from the financial shares, property stocks and technology companies.

For the day, the index tumbled 284.92 points or 1.12 percent to finish at 25,058.51 after trading between 25,013.26 and 25,494.45.

Among the actives, Alibaba Group stumbled 3.21 percent, while Alibaba Health Info jumped 1.56 percent, ANTA Sports added 0.64 percent, China Life Insurance tanked 3.28 percent, China Mengniu Dairy improved 0.74 percent, China Resources Land lost 0.26 percent, CITIC fell 0.18 percent, CNOOC shed 0.40 percent, CSPC Pharmaceutical plummeted 3.56 percent, Galaxy Entertainment surrendered 1.95 percent, Haier Smart Home declined 1.02 percent, Hang Lung Properties rose 0.13 percent, Henderson Land slumped 0.99 percent, Industrial and Commercial Bank of China eased 0.17 percent, JD.com dropped 0.75 percent, Lenovo retreated 1.66 percent, Li Auto gained 0.16 percent, Li Ning rallied 1.47 percent, Meituan advanced 0.90 percent, New World Development skidded 0.87 percent, Nongfu Spring climbed 1.01 percent, Techtronic Industries sank 0.42 percent, Xiaomi Corporation tumbled 2.29 percent, WuXi Biologics plunged 3.55 percent and Hong Kong & China Gas was unchanged.

The lead from Wall Street is firm as the major averages opened higher on Thursday and climbed steadily higher throughout the day, finishing at session high.

The Dow rallied 350.06 points or 0.77 percent to finish at 45,621.29, while the NASDAQ jumped 209.97 points or 0.98 percent to end at 21,707.69 and the S&P 500 gained 53.82 points or 0.83 percent to close at 6,502.08.

The strength that emerged on Wall Street came as traders digested the latest U.S. economic data, including a report from payroll processor ADP showing weaker than expected private sector job growth in the month of August.

The Labor Department also released a report showing first-time claims for U.S. unemployment benefits rose by more than expected last week.

While the reports add to recent signs of weakness in the labor market, the data has also increased confidence that the Federal Reserve will lower interest rates later this month.

Crude oil prices slumped on Thursday on rising oversupply concerns as OPEC plans to hike output. West Texas Intermediate crude for October delivery was down $0.63 or 0.98 percent at $63.34 per barrel.