Hong Kong Bourse Due For Profit Taking On Friday

(RTTNews) - The Hong Kong stock market has finished higher in three straight sessions, surging almost 1,450 points or 7.8 percent along the way. The Hang Seng Index now sits just beneath the 18,750-point plateau although it's likely to see consolidation on Friday.

The global forecast for the Asian markets is mixed and flat ahead of key U.S. employment data later in the day. The European and U.S. bourses were mixed and little changed and the Asian bourses are tipped to follow suit.

The Hang Seng finished modestly higher on Thursday as gains from the technology stocks were capped by weakness from the properties and a mixed picture from the oil companies.

For the day, the index advanced 139.21 points or 0.75 percent to finish at 18,736.44 after trading between 18,679.35 and 19,237.45.

Among the actives, Alibaba Group soared 3.63 percent, while Alibaba Health Info spiked 3.44 percent, ANTA Sports strengthened 1.82 percent, China Mengniu Dairy climbed 1.58 percent, China Petroleum and Chemical (Sinopec) retreated 1.91 percent, China Resources Land plunged 5.83 percent, CITIC slumped 1.75 percent, CNOOC skidded 0.98 percent, Country Garden jumped 2.51 percent, CSPC Pharmaceutical plummeted 8.11 percent, Galaxy Entertainment rallied 3.43 percent, Hang Lung Properties rose 0.28 percent, Henderson Land tanked 4.28 percent, Hong Kong & China Gas advanced 1.36 percent, JD.com dropped 0.82 percent, Lenovo tumbled 3.04 percent, Li Ning increased 0.57 percent, Longfor retreated 1.49 percent, Meituan fell 0.37 percent, New World Development declined 1.30 percent, Techtronic Industries surged 4.09 percent, Xiaomi Corporation gained 1.36 percent, WuXi Biologics improved 1.00 percent and China Life Insurance and Industrial and Commercial Bank of China were unchanged.

The lead from Wall Street is murky as the major averages were unable to hold early gains on Thursday, with only the NASDAQ able to break back into the green.

The Dow stumbled 194.76 points or 0.56 percent to finish at 34,395.01, while the NASDAQ added 14.45 points or 0.13 percent to close at 11,482.45 and the S&P 500 eased 3.54 points or 0.09 percent to end at 4,076.57.

The lack of direction shown by the broader markets came as traders looked ahead to the Labor Department's closely watched monthly jobs report later today.

The data could affect the outlook for interest rates, although the impact may be somewhat muted following Federal Reserve Chair Jerome Powell's remarks on Wednesday hinting at a slowdown in the pace of rate hikes as soon as next month.

In economic news, the Institute for Supply Management said manufacturing activity contracted for the first time in over two years in November. Also, the Labor Department said first-time claims for U.S. unemployment benefits pulled back by more than expected last week.

Crude oil futures settled higher Thursday on easing concerns about the outlook for energy demand, while a weaker dollar amid rising prospects of smaller rate hikes by the Fed also contributed to the increase in oil prices. West Texas Intermediate Crude oil futures for January gained $0.67 or 0.8 percent at $81.22 a barrel.