Hong Kong Shares May Turn Lower Again

The Hong Kong stock market on Friday ended the three-day losing streak in which it had shed 420 points or 2.4 percent in the process. The Hang Seng barely regained support at 18,200 points, although investors are expecting that the market could resume its downward trend at the opening of trade on Monday.

The global forecast for the Asian markets provides little in the way of guidance, especially with no lead from Wall Street as the U.S. bourses were closed on Friday in observance of Independence Day. With the absence of any fresh data, many investors are expected to remain on the sidelines - especially with Q2 earnings season kicking off later this week. The European markets finished slightly lower on Friday, and the Asian markets are expected to track flat to mildly negative.

The Hang Seng finished barely higher on Friday, boosted by gains among the oil companies and the coal producers. For the day, the index was up 25.35 points or 0.1 percent to close at 18,203.40 after trading between 17,894.81 and 18,234.24 on turnover of 68.4 billion Hong Kong dollars.

Among the actives, Sinopec gained 1.5 percent, while China Shenhua rose 2.3 percent, Shanghai Shenhua Energy added 5.2 percent, Melco International Development plummeted 5.8 percent and Hunan Nonferrous Metals lost 3.1 percent.

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