Hong Kong Stock Market May Stop The Bleeding On Wednesday

(RTTNews) - The Hong Kong stock market has finished lower in three straight sessions, surrendering almost 510 points or 2.5 percent along the way. The Hang Seng Index now sits just above the 21,110-point plateau although it's due for support on Wednesday.

The global forecast for the Asian markets is murky, with little movement expected as support from technology stocks will likely be offset by weakness from oil companies. The European and U.S. markets were mixed and little changed and the Asian bourses are tipped to follow suit.

The Hang Seng finished modestly lower on Tuesday following mixed performances from the financials, properties and technology stocks.

For the day, the index lost 50.66 points or 0.24 percent to finish at 21,113.76 after trading between 21,074.94 and 21,237.88.

Among the actives, Alibaba Group declined 1.44 percent, while Alibaba Health Info plunged 2.78 percent, ANTA Sports eased 0.09 percent, China Life Insurance spiked 1.74 percent, China Mengniu Dairy advanced 0.66 percent, China Resources Land gained 0.55 percent, CITIC sank 0.44 percent, CNOOC and Hengan International both rose 0.53 percent, Country Garden jumped 1.65 percent, CSPC Pharmaceutical perked 0.45 percent, Galaxy Entertainment retreated 0.92 percent, Hang Lung Properties climbed 1.02 percent, Henderson Land rallied 1.62 percent, Hong Kong & China Gas gathered 0.52 percent, JD.com tanked 1.83 percent, Lenovo added 0.61 percent, Li Ning tumbled 1.76 percent, Meituan lost 0.44 percent, Techtronic Industries surged 2.39 percent, Xiaomi Corporation slumped 0.91 percent, WuXi Biologics plummeted 3.95 percent and Industrial and Commercial Bank of China and New World Development were unchanged.

The lead from Wall Street provides little clarity as the major averages went on a volatile ride Tuesday that saw them finish on opposite sides of the unchanged line.

The Dow slumped 162.12 points or 0.47 percent to finish at 34,083, while the NASDAQ advanced 70.99 points or 0.60 percent to close at 11,962.78 and the S&P 500 dipped 0.96 points or 0.02 percent to end at 4,136.33.

The volatility on Wall Street followed the release of closely watched U.S. inflation data, which could have a significant effect on the Federal Reserve's strategy regarding interest rate hikes.

The Labor Department's report showed that U.S. consumer prices increased in line with estimates in January, probably dashing hopes that the Federal Reserve might further ease the pace of its interest rate hikes.

Crude oil prices slumped on Tuesday afternoon, dropping after the release of the U.S. inflation data before coming up off daily lows. West Texas Intermediate was down $1.01 or 1.26 percent to $79.13 per barrel, coming off a low of $77.46 earlier in the day.