Lower Open Expected For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved higher in four consecutive trading days, advancing almost 850 points or 3.3 percent along the way. The Hang Seng Index now sits just beneath the 27,000-point plateau although it's likely to see profit taking on Thursday.

The global forecast for the largely overbought Asian markets is negative thanks to geopolitical concerns, with tech shares likely to lead the way lower. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The Hang Seng finished modestly higher on Wednesday as gains from the technology stocks were offset by weakness from the financials and properties.

For the day, the index added 151.34 points or 0.56 percent to finish at 26,999.81 after trading between 26,780.27 and 27,097.72.

Among the actives, Alibaba Group soared 5.69 percent, while Alibaba Health Info skyrocketed 18.96 percent, ANTA Sports jumped 1.18 percent, China Life Insurance dropped 0.91 percent, China Mengniu Dairy perked 0.07 percent, China Resources Land dipped 0.27 percent, CITIC sank 0.82 percent, CNOOC expanded 0.84 percent, CSPC Pharmaceutical improved 0.31 percent, Galaxy Entertainment spiked 3.09 percent, Haier Smart Home fell 0.30 percent, Hang Lung Properties lost 0.43 percent, Henderson Land stumbled 1.89 percent, Hong Kong & China Gas added 0.28 percent, Industrial and Commercial Bank of China slumped 0.95 percent, JD.com surrendered 1.28 percent, Lenovo climbed 0.56 percent, Li Auto tanked 1.77 percent, Li Ning rallied 1.41 percent, Meituan plunged 3.24 percent, New World Development vaulted 0.86 percent, Nongfu Spring surged 6.02 percent, Techtronic Industries gained 0.10 percent, Xiaomi Corporation shed 0.53 percent and WuXi Biologics advanced 0.55 percent.

The lead from Wall Street is weak as the major averages opened in the red on Wednesday and remained under water throughout the session.

The Dow slumped 42.36 points or 0.09 percent to finish at 49,149.63, while the NASDAQ stumbled 238.12 points or 1.00 percent to end at 23,471.12 and the S&P 500 sank 37.14 points or 0.53 percent to close at 6,926.60.

The weakness on Wall Street may partly have reflected growing concerns about rising geopolitical tensions around the world.

President Donald Trump's threats to take control of Greenland have made headlines recently, while traders are also keeping an eye on political unrest in Iran and the ongoing Russia-Ukraine war.

In economic news, the Commerce Department said retail sales in the U.S. increased more than expected in November. Also, the Labor Department noted a modest increase by U.S. producer prices in November.

Crude oil prices posted sharp gains Wednesday as the probability of U.S. intervention to end the crisis in Iran raises supply-related concerns. West Texas Intermediate crude for February delivery was up $0.76 or 1.24 percent at $61.91 per barrel.