Hong Kong Shares Poised To End Losing Streak

(RTTNews) - The Hong Kong stock market has moved lower in two straight sessions, sinking more than 270 points or 1.1 percent in that span. The Hang Seng Index now sits just shy of the 25,350-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is upbeat, with technology shares expected to lead the way. The European markets were up and the U.S. bourses were mostly higher and the Asian markets also figure to move to the upside.

The Hang Seng finished modestly lower on Wednesday following losses from the financial shares and property stocks, while the technology companies were mixed.

For the day, the index stumbled 153.12 points or 0.60 percent to finish at 25,343.43 after trading between 25,276.87 and 25,789.99.

Among the actives, Alibaba Group fell 0.45 percent, while Alibaba Health Info surged 4.58 percent, ANTA Sports dipped 0.21 percent, China Life Insurance declined 0.77 percent, China Mengniu Dairy lost 0.47 percent, China Resources Land skidded 0.65 percent, CITIC was down 0.72 percent, CNOOC tumbled 0.95 percent, CSPC Pharmaceutical soared 4.47 percent, Galaxy Entertainment shed 0.53 percent, Haier Smart Home plunged 1.70 percent, Hang Lung Properties slipped 0.25 percent, Henderson Land tanked 1.35 percent, Hong Kong & China Gas retreated 1.01 percent, Industrial and Commercial Bank of China surrendered 1.20 percent, JD.com advanced 0.92 percent, Lenovo stumbled 1.19 percent, Li Auto and Li Ning both jumped 0.98 percent, Meituan sank 0.59 percent, New World Development eased 0.15 percent, Nongfu Spring dropped 0.60 percent, Techtronic Industries slumped 0.67 percent, Xiaomi Corporation plummeted 2.06 percent and WuXi Biologics rallied 2.35 percent.

The lead from Wall Street is mixed as the major averages opened on opposite sides of the line and finished the same way.

The Dow slipped 24.58 points or 0.05 percent to finish at 45,271.23, while the NASDAQ rallied 218.10 points or 1.02 percent to end at 21,497.73 and the S&P 500 added 32.72 points or 0.51 percent to close at 6,448.26.

The notable rebound by the NASDAQ followed a surge by shares of Alphabet (GOOGL), which rallied after a federal judge ruled the company will avoid the most severe consequences in a landmark antitrust case.

The strength on Wall Street also came after the Labor Department released a report showing job openings in the U.S. fell to their lowest level in 10 months in July.

While the data provides further signs of softening labor market conditions, the report has also increased confidence that the Federal Reserve will lower interest rates later this month.

Crude oil prices fell sharply on Wednesday amid increasing concerns of oversupply due to reported plans by OPEC to boost output at its upcoming meeting on Sunday. West Texas Intermediate crude for October delivery was down $1.65 or 2.52 percent at $63.94 per barrel.