Hong Kong Stock Market Due For Support On Friday

(RTTNews) - The Hong Kong stock market has moved lower in back-to-back sessions, sinking more than 90 points or 0.3 percent along the way. The Hang Seng Index now sits just beneath the 24,500-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is positive, with oil, technology and financial shares likely to lead the way higher. The European and U.S. markets were up and the Asian markets figure to follow that lead.

The Hang Seng finished slightly lower on Thursday following losses from the financials and mixed performances from the property and technology companies.

For the day, the index dipped 18.81 points or 0.08 percent to finish at 24,498.95 after trading between 24,447.93 and 24,672.51.

Among the actives, Alibaba Group slumped 1.14 percent, while Alibaba Health Info and Hengan International both added 0.43 percent, ANTA Sports increased 0.65 percent, China Life Insurance collected 0.11 percent, China Mengniu Dairy jumped 1.33 percent, China Resources Land sank 0.70 percent, CITIC rose 0.37 percent, CNOOC tanked 1.51 percent, CSPC Pharmaceutical soared 3.58 percent, Galaxy Entertainment stumbled 1.44 percent, Haier Smart Home gained 0.41 percent, Hang Lung Properties dropped 0.81 percent, Henderson Land advanced 0.76 percent, Hong Kong & China Gas eased 0.15 percent, Industrial and Commercial Bank of China retreated 1.29 percent, JD.com fell 0.16 percent, Lenovo rallied 1.60 percent, Li Auto skyrocketed 9.73 percent, Li Ning climbed 1.00 percent, Meituan strengthened 1.13 percent, New World Development accelerated 1.66 percent, Nongfu Spring spiked 2.47 percent, Techtronic Industries improved 0.66 percent, Xiaomi Corporation stumbled 2.01 percent and WuXi Biologics surged 4.04 percent.

The lead from Wall Street is upbeat as the major averages opened solidly in the green on Thursday and extended their gains throughout the day.

The Dow jumped 229.71 points or 0.52 percent to finish at 44,484.49, while the NASDAQ rallied 155.16 points or 0.75 percent to close at a record 20,855.65 and the S&P 500 gained 33.66 points or 0.54 percent to end at 6,297.36, also a record.

The continued strength on Wall Street followed the release of a batch of upbeat U.S. economic data, including a Commerce Department report showing retail sales rebounded by much more than expected in the month of June.

A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits unexpectedly dipped to a three-month low last month, while import prices in the U.S. inched up less than expected in June.

Crude oil prices increased on Thursday as fresh tension brewing in the Middle East generated demand, while a drop in U.S. inventories was seen as reflecting robust summer demand. West Texas Intermediate crude for August delivery surged $1.16 to settle at $67.54 per barrel.