No Help Yet For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has finished lower in consecutive trading days, slumping almost 690 points or 2.6 percent along the way. The Hang Seng Index now rests just above the 26,380-point plateau and it's expected to see continued consolidation on Tuesday.

The global forecast for the Asian markets is negative on valuation concerns, especially among technology shares. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

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

For the day, the index sank 188.18 points or 0.71 percent to finish at 26,384.28 after trading between 26,252.36 and 26,531.80.

Among the actives, Alibaba Health Info shed 0.51 percent, while ANTA Sports stumbled 1.58 percent, China Life Insurance surrendered 1.46 percent, China Mengniu Dairy and Galaxy Entertainment both added 0.34 percent, China Resources Land sank 0.66 percent, CITIC lost 0.47 percent, CNOOC improved 0.45 percent, CSPC Pharmaceutical skidded 0.88 percent, Haier Smart Home declined 0.99 percent, Hang Lung Properties fell 0.43 percent, Hong Kong & China Gas eased 0.27 percent, Industrial and Commercial Bank of China contracted 0.91 percent, JD.com retreated 1.28 percent, Lenovo plummeted 3.90 percent, Li Auto tanked 2.52 percent, Meituan gained 0.30 percent, Nongfu Spring dropped 0.74 percent, Techtronic Industries tumbled 1.33 percent, Xiaomi Corporation slumped 0.94 percent, WuXi Biologics plunged 2.88 percent and New World Development, Li Ning, Alibaba Group and Henderson Land were unchanged.

The lead from Wall Street is soft as the major averages spent the first half of Monday's trade relatively flat before tumbling in the afternoon, finishing near daily lows.

The Dow tumbled 557.24 points or 1.18 percent to finish at 46,590.24, while the NASDAQ dropped 192.51 points or 0.84 percent to close at 22,708.07 and the S&P 500 sank 61.70 points or 0.92 percent to end at 6,672.41.

The weakness on Wall Street came as valuation concerns resurfaced ahead of the release of quarterly results from Nvidia (NVDA) after the markets close on Wednesday.

Traders were also looking ahead to the release of U.S. economic data that was delayed due to the government shutdown. While the reports will be backward looking, the data could still impact the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting in December.

Crude oil prices edged lower on Tuesday as long-term oversupply concerns of a supply-demand mismatch continue to linger. West Texas Intermediate crude for December delivery dipped $0.09 or 0.13 percent at $60.01 per barrel.

Closer to home, Hong Kong will see October figures for unemployment later today; in September, the jobless rate was 3.9 percent.