The Hong Kong stock market has finished lower in back-to-back trading days, surrendering more than 375 points or 1.3 percent along the way. The Hang Seng Index now rests just above the 28,310-point plateau and it may extend its losses on Thursday.
The global forecast for the Asian is weak thanks to renewed trade war concerns and a tumble in the price of crude oil. The European and U.S. markets were down and the Asian bourses figure to follow suit.
The Hang Seng finished sharply lower on Wednesday following losses from the financials, properties and oil and insurance companies.
For the day, the index tumbled 370.56 points or 1.29 percent to finish at 28,311.69 after trading between 28,013.72 and 28,365.72.
Among the actives, China Mengniu Dairy plummeted 3.89 percent, while BOC Hong Kong plunged 2.30 percent, Sands China tumbled 2.17 percent, New World Development skidded 1.98 percent, Tencent Holdings dropped 1.91 percent, Industrial and Commercial Bank of China retreated 1.59 percent, China Life gave away 1.41 percent, Ping An Insurance declined 0.98 percent, China Petroleum and Chemical (Sinopec) shed 0.85 percent, WH Group lost 0.80 percent, CNOOC slid 0.61 percent, AIA Group fell 0.59 percent, China Mobile was down 0.56 percent, CSPC Pharmaceutical advanced 0.45 percent, Hong Kong & China Gas eased 0.39 percent and Galaxy Entertainment added 0.33 percent.
The lead from Wall Street is negative as stocks gave ground Wednesday after trending higher in recent days. With the drop on the day, the S&P 500 pulled back from its best closing level in five months.
The Dow slumped 219.21 points or 0.88 percent to 24,700.45, while the NASDAQ fell 42.59 points or 0.55 percent to 7,716.61 and the S&P 500 slid 19.82 points or 0.71 percent to 2,774.02.
The weakness on Wall Street came amid renewed concerns about the economic impact of a global trade war after President Donald Trump's administration proposed new tariffs on China - which has vowed to retaliate, which will not take effect until after a two-month review process.
In economic news, the Labor Department said producer prices increased more than expected in June, while core prices advanced in line with expectations.
Energy stocks came under pressure, moving lower along with the price of crude oil. Crude for August delivery plunged $3.73 to $70.38 a barrel amid concerns about an increase in supply.
by P2PNews Staff Writer