Win Streak May End For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has finished higher in three straight sessions, advancing almost 850 points or 3.4 percent along the way. The Hang Seng Index now sits just above the 25,800-point plateau although investors figure to cash in on Thursday.

The global forecast for the Asian markets is weak on renewed conflicts in the Middle East, surging crude oil prices and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets figure to split the difference.

The Hang Seng finished sharply higher on Wednesday following gains from the financial shares, property stocks and technology companies. For the day, the index jumped 497.07 points or 1.96 percent to finish at 25,807.92 after trading between 25,487.16 and 25,808.93.

For the day, the index plummeted 360.42 points or 5.98 percent to finish at 5,663.24 after trading between 5,262.77 and 6,228.52. Volume was 449.29 million shares worth 47.83 trillion won. There were 804 decliners and 91 gainers.

The lead from Wall Street is sharply negative as the major averages opened lower on Wednesday and turned more deeply into the red as the day progressed, ending at session lows.

The late-day sell-off on Wall Street came as treasury yields surged in electronic trading on concerns about the outlook for interest rates even after the Federal Reserve left rates unchanged, although three members voted to increase rates.

Stocks came under pressure early in the day amid a substantial rebound by crude oil prices - which skyrocketed on Wednesday after Iran launched surprise attacks on U.S. bases in Jordan. West Texas Intermediate crude for September delivery was up $5.55 or 7.00 percent at $84.81 per barrel.