Hong Kong Shares May Take Further Damage On Wednesday
(RTTNews) - The Hong Kong stock market has finished lower in back-to-back sessions, falling almost 250 points or 1 percent in that span. The Hang Seng Index now sits just beneath the 25,330-point plateau and it may spin its wheels again on Wednesday.
The global forecast for the Asian markets is weak on rising hostilities in the Middle East and the resulting spike in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The Hang Seng finished modestly lower on Tuesday as the resource, technology and financial shares ended mostly in the red.
For the day, the index dropped 237.26 points or 0.93 percent to finish at 25,329.73 after trading between 25,240.20 and 25,478.98.
The lead from Wall Street is negative as the major averages opened lower on Tuesday and remained firmly under water throughout the trading day.
The Dow dropped 419.02 points or 0.79 percent to finish at 52,766.88, while the NASDAQ sank 271.12 points or 1.03 percent to end at 26,099.77 and the S&P 500 lost 54.67 points or 0.71 percent to close at 7,631.47.
The continued weakness on Wall Street came after U.S. Central Command announced a fresh wave of attacks against Iran, striking Islamic Revolutionary Guard Corps targets.
Crude oil prices have surged in reaction to the latest attack, renewing concerns about inflation and the outlook for interest rates.
Crude oil prices surged on Tuesday after the U.S. launched another fresh wave of attacks on Iran following the recent exchange of strikes over the weekend. West Texas Intermediate crude for October delivery was up $4.27 or 4.98 percent at $90.03 per barrel.
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