The Hong Kong stock market has moved lower for three consecutive sessions, sinking more than 400 points, or 2.2 percent, along the way. The Hang Seng Index now rests just beneath the 18,030-point plateau, although it is likely to halt its slide on Tuesday.

The global forecast for the Asian markets is mixed, with continued profit-taking among technology stocks expected to cap any upside. European markets were up, while U.S. bourses were mostly lower; Asian markets are expected to follow the latter trend.

On Monday, the Hang Seng finished barely lower following mixed performances from financial shares, property stocks, and technology companies. For the day, the index eased 0.81 points, or 0.00 percent, to close at 18,027.71 after trading between 17,789.57 and 18,032.67.

Among the active stocks, Alibaba Group inched up 0.07 percent, while Alibaba Health Info tumbled 1.43 percent. ANTA Sports strengthened 1.09 percent, China Life Insurance gained 0.35 percent, and China Mengniu Dairy rallied 1.37 percent. Conversely, China Resources Land declined 0.74 percent, CITIC gained 0.53 percent, and both CNOOC and Xiaomi Corporation retreated 0.88 percent.

Other notable movers included Country Garden, which plunged 1.98 percent, CSPC Pharmaceutical dropping 0.47 percent, and Galaxy Entertainment tanking 1.96 percent. Hang Lung Properties sank 0.15 percent, Henderson Land jumped 1.42 percent, and Hong Kong & China Gas spiked 1.74 percent.

Additionally, Industrial and Commercial Bank of China climbed 0.88 percent, JD.com added 0.55 percent, Lenovo plummeted 2.68 percent, and Li Ning soared 1.83 percent. Meituan slumped 0.69 percent, New World Development rose 0.41 percent, Techtronic Industries advanced 0.76 percent, WuXi Biologics surged 2.07 percent, and Nongfu Spring remained unchanged.

The lead from Wall Street continues to be a dichotomy, with the major averages opening and finishing mixed. Only the Dow Jones Industrial Average closed in the green, rallying 260.88 points, or 0.67 percent, to finish at 39,411.21. Meanwhile, the NASDAQ tumbled 192.54 points, or 1.09 percent, closing at 17,496.82, and the S&P 500 fell 16.75 points, or 0.31 percent, ending at 5,447.87.

The weakness on Wall Street was driven by technology stocks, which dragged the markets lower. Shares of Nvidia Corporation, Dell Technologies, and Qualcomm all plummeted on profit-taking. Traders were also looking ahead to Friday’s Commerce Department report on personal income and spending for May, which includes inflation readings preferred by the Federal Reserve.

Oil prices gained on Monday amid optimism about demand outlook and potential supply disruptions due to tensions in the Middle East. West Texas Intermediate Crude oil futures for August rose $0.90, or 1.1 percent, to $81.63 a barrel.

*The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.*
https://www.nasdaq.com/articles/higher-open-predicted-hong-kong-stock-market