Hong Kong Stocks May Decline Further

The Hong Kong stock market on Tuesday saw an end to the winning streak that had stretched to three sessions while adding nearly 1,500 points or 10.5 percent in the process. The Hang Seng Index fell through support at 15,000 points, and now analysts are predicting that those losses will accelerate at the opening of trade on Wednesday.

The global forecast for the Asian markets is broadly pessimistic, since the start of the corporate earning season was as bad as expected. Some other weak economic and corporate news added to the negative sentiment, which dragged the European and U.S. markets sharply lower - and the Asian markets are on track to follow that lead.

The Hang Seng finished modestly lower on Tuesday, thanks to weakness among the financials, properties and China-related stocks. For the day, the index retreated 69.07 points or 0.46 percent to close at 14,928.97 after trading between 14,743.71 and 14,994.76 on turnover of 50.93 billion Hong Kong dollars.

Among the decliners, Henderson Land shed 2.84 percent, while Wharf Holdings lost 4.78 percent, SHK Properties fell 1.84 percent, New World Development slipped 2.63 percent, Hang Lung Property was down 1.42 percent, HSBC Holdings dropped 1.63 percent, BOC Hong Kong lost 1.28 percent, Ping An lost 3.69 percent, China Life slipped 1.08 percent, Aluminum Corporation of China (Chalco) fell 3.00 percent, CNOOC lost 3.07 percent, PetroChina declined 2.08 percent, China Mercantile Holdings lost 4.64 percent and China Overseas was down 0.92 percent.

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