Hong Kong Bourse May Extend Losing Streak

(RTTNews) - The Hong Kong stock market has finished lower in three straight sessions, sinking more than 330 points or 1.4 percent along the way. The Hang Seng Index now sits just shy of the 23,890-point plateau and it's tipped to open to the downside again on Tuesday.

The global forecast for the Asian markets is soft on renewed trade and tariff concerns. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The Hang Seng finished slightly lower on Monday, nudged into the red by weakness from the technology stocks and a mixed picture from the property sector.

For the day, the index fell 28.23 points or 0.12 percent to finish at 23,887.83 after trading between 23,713.78 and 23,910.95.

Among the actives, Alibaba Group rose 0.29 percent, while Alibaba Health Info sank 0.47 percent, ANTA Sports stumbled 1.36 percent, China Life Insurance retreated 1.08 percent, China Mengniu Dairy declined 0.99 percent, China Resources Land surged 3.45 percent, CITIC shed 0.37 percent, CNOOC skidded 0.77 percent, CSPC Pharmaceutical plunged 3.19 percent, ENN Energy Holdings perked 0.08 percent, Galaxy Entertainment rallied 0.94 percent, Haier Smart Home advanced 0.64 percent, Hang Lung Properties fell 0.13 percent, Hong Kong & China Gas gained 0.45 percent, JD.com added 0.48 percent, Lenovo tumbled 1.35 percent, Li Auto soared 2.80 percent, Li Ning slumped 0.83 percent, Meituan surrendered 1.49 percent, New World Development jumped 1.27 percent, Nongfu Spring tanked 1.99 percent, Techtronic Industries dropped 0.70 percent, Xiaomi Corporation lost 0.35 percent, WuXi Biologics plummeted 4.39 percent and Henderson Land and Industrial and Commercial Bank of China were unchanged.

The lead from Wall Street is negative as the major averages opened under water and trended steadily lower as the day progressed, ending near session lows.

The Dow tumbled 422.17 points or 0.94 percent to finish at 44,406.36, while the NASDAQ sank 188.59 points or 0.92 percent to end at 20,412.52 and the S&P 500 dropped 49.37 points or 0.79 percent to close at 6,229.98.

The early weakness on Wall Street partly reflect profit taking following the strong upward move seen over the past few sessions.

Further selling pressure was generated in afternoon trading after President Donald Trump shared screen shots on Truth Social of letter sent to various world leaders about new tariffs set to be imposed on August 1st.

Imports from Japan, South Korea, Malaysia and Kazakhstan are now set to face 25 percent tariffs, according to the letters Trump posted.

Crude oil prices edged higher Monday, shrugging off oversupply concerns triggered by OPEC's decision to accelerate its production increase starting in August. West Texas Intermediate crude for August delivery rose $0.93 to settle at $67.93 per barrel.