(RTTNews) – The Hong Kong stock market has moved lower in back-to-back sessions, dropping more than 390 points or 1.7 percent along the way. The Hang Seng Index now sits just beneath the 26,130-point although it’s due for support on Monday.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates.
The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The Hang Seng finished sharply lower on Friday following heady losses from the technology stocks and a mixed performance from the property sector.
For the day, the index stumbled 356.48 point or 1.35 percent to finish at 26,128.20 after trading between 26,072.93 and 26,406.05.
Among the actives, Alibaba Group stumbled 3.20 percent, while Alibaba Health Info plunged 4.61 percent, ANTA Sports retreated 2.10 percent, China Life Insurance eased 0.09 percent, China Mengniu Dairy surged 2.87 percent, China Resources Land improved 0.61 percent, CITIC gained 0.27 percent, CNOOC advanced 0.63 percent, CSPC Pharmaceutical surrendered 2.26 percent, Galaxy Entertainment rallied 1.59 percent, Haier Smart Home dropped 0.88 percent, Hang Lung Properties dipped 0.12 percent, Henderson Land added 0.37 percent, Hong Kong & China Gas shed 0.30 percent, Industrial and Commercial Bank of China collected 0.53 percent, JD.com tanked 3.71 percent, Lenovo sank 0.86 percent, Li Auto slumped 1.86 percent, Li Ning skidded 1.57 percent, Meituan weakened 1.66 percent, New World Development perked 0.13 percent, Nongfu Spring rose 0.19 percent, Techtronic Industries declined 1.89 percent, Xiaomi Corporation plummeted 8.07 percent, WuXi Biologics tumbled 2.35 percent and CKI Holdings was unchanged.
The lead from Wall Street is positive as the major averages opened higher on Friday and spent most of the day in the green.
The Dow jumped 299.97 points or 0.65 percent to finish at 46,247.29, while the NASDAQ advanced 99.37 points or 0.44 percent to close at 22,484.07 and the S&P 500 gained 38.98 points or 0.59 percent to end at 6,643.70.
For the week, the NASDAQ slid 0.7 percent, the S&P fell 0.3 percent and the Dow dipped 0.2 percent.
The strength on Wall Street reflected a positive reaction to a closely watched Commerce Department report showing consumer prices rose in line with economist estimates in August.
The data helped increase confidence that the Federal Reserve will continue lowering interest rates in the coming months.
Crude oil prices advanced on Friday as Russia restricted fuel exports by introducing a partial ban on diesel exports until the end of 2025. West Texas Intermediate crude for November delivery was up $0.59 or 0.91 percent at $65.57 per barrel.
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