Lower Open Anticipated For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market turned lower again on Tuesday, one day after halting the three-day losing streak in which it had dropped more than 520 points or 2 percent. The Hang Seng Index now rests just above the 25,950-point plateau and it's tipped to see continued consolidation on Wednesday.

The global forecast for the Asian markets is negative on concerns that technology shares may be over bought. The European and U.S. markets were firmly under water and the Asian bourses are expected to follow suit.

The Hang Seng finished modestly lower on Tuesday following losses from the technology and energy companies, while the financials and properties were mixed.

For the day, the index slumped 205.96 points or 0.79 percent to finish at 25,952.40 after trading between 25,911.79 and 26,291.65.

Among the actives, Alibaba Group tumbled 2.57 percent, while Alibaba Health Info slumped 2.05 percent, ANTA Sports contracted 2.15 percent, China Life Insurance collected 0.49 percent, China Mengniu Dairy slipped 0.91 percent, China Resources Land shed 1.34 percent, CITIC jumped 1.80 percent, CNOOC was down 0.29 percent, CSPC Pharmaceutical plummeted 4.42 percent, Galaxy Entertainment rose 0.21 percent, Haier Smart Home rallied 1.36 percent, Hang Lung Properties fell 1.05 percent, Henderson Land added 0.65 percent, Hong Kong & China Gas advanced 0.69 percent, Industrial and Commercial Bank of China climbed 1.13 percent, JD.com surrendered 2.99 percent, Lenovo lost 1.22 percent, Li Auto plunged 3.89 percent, Li Ning sank 1.83 percent, Meituan declined 2.35 percent, New World Development tanked 3.69 percent, Nongfu Spring dropped 1.91 percent, Techtronic Industries skidded 1.99 percent, Xiaomi Corporation stumbled 2.91 percent, WuXi Biologics retreated 2.36 percent and CLP Holdings was unchanged.

The lead from Wall Street is weak as the major averages opened lower on Tuesday and remained in the red throughout the trading day, ending near session lows.

The Dow dropped 251.44 points of 0.53 percent to finish at 47,085.24, while the NASDAQ plummeted 486.09 points or 2.04 percent to close at 23,348.64 and the S&P 500 sank 80.42 points or 1.17 percent to end at 6,771.55.

The sell-off on Wall Street came amid concerns about the valuations of tech stocks, which have helped lead the markets to record highs amid optimism about artificial intelligence.

The weakness on Wall Street also came as Goldman Sachs (GS) CEO David Solomon warned of a significant correction by the equity markets over the next 1-2 years.

Crude oil prices declined sharply on Tuesday due to excess supply concerns. West Texas Intermediate crude for December delivery was down $0.44 or 0.72 percent at $60.61 per barrel.