Hong Kong Stock Market Expected To Halt Losing Streak

(RTTNews) - The Hong Kong stock market has finished lower in five straight sessions, tumbling almost 1,750 points or 10.8 percent along the way. The Hang Seng Index now sits just above the 15,165-point plateau although it's likely overdue for support on Wednesday.

The global forecast for the Asian markets is upbeat on continued optimism over falling treasury yields and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The Hang Seng finished slightly lower on Tuesday following losses from the properties and mixed performances from the financials, oil companies and technology shares.

For the day, the index dipped 15.10 points or 0.10 percent to finish at 15,165.59 after trading between 14,947.39 and 15,435.37.

Among the actives, Alibaba Group jumped 3.16 percent, while Alibaba Health Info skyrocketed 8.22 percent, ANTA Sports strengthened 2.43 percent, China Life Insurance slumped 0.56 percent, China Mengniu Dairy declined 1.82 percent, China Petroleum and Chemical (Sinopec) rose 0.30 percent, China Resources Land and Hang Lung Properties both fell 0.35 percent, CITIC rallied 4.10 percent, Country Garden improved 1.35 percent, CSPC Pharmaceutical eased 0.12 percent, Galaxy Entertainment gained 0.41 percent, Henderson Land retreated 1.70 percent, Hong Kong & China Gas perked 0.16 percent, Industrial and Commercial Bank of China advanced 1.10 percent, JD.com soared 5.01 percent, Lenovo surged 5.20 percent, Li Ning increased 0.99 percent, Meituan climbed 2.40 percent, New World Development tumbled 2.22 percent, Techtronic Industries added 0.59 percent, Xiaomi Corporation spiked 4.50 percent, WuXi Biologics dropped 0.51 percent and CNOOC and Longfor were unchanged.

The lead from Wall Street is solid for the third straight session as the major averages opened higher and picked up steam as the day progressed, ending near session highs.

For the day, the index spiked 337.12 points or 1.07 percent to finish at 31,836.74, while the NASDAQ surged 246.50 points or 2.25 percent to close at 11,199.12 and the S&P 500 jumped 61.77 points or 1.63 percent to end at 3,859.11.

The extended rally on Wall Street came amid a sharp pullback by treasury yields, with the yield on the benchmark 10-year note showing a steep drop after ending the previous session at a 14-year closing high.

The pullback by treasury yields came as traders continue to express optimism the Federal Reserve will signal a slower pace of interest rate hikes following its meeting next week.

The markets also benefited from a positive reaction to the latest earnings news, with General Motors (GM) and Coca-Cola (KO) posting strong gains after reporting better than expected third quarter earnings.

Crude oil futures settled higher Tuesday, buoyed by a weaker dollar and concerns about supply after Saudi Arabia's energy minister commented that energy stocks were being used as a mechanism to manipulate markets. West Texas Intermediate Crude futures for December ended higher by $0.74 or 0.9 percent at $85.32 a barrel.