The stock market in Hong Kong is trading in negative territory on Tuesday morning, dragged down by the weakness on Wall Street, where the major indices ended lower on Monday on disappointing corporate results and negative comments from analysts regarding financial stocks.
On Monday, the Dow closed down 41.74 points or 0.5% at 7,976, the Nasdaq closed down 15.16 points or 0.9% at 1,607 and the S&P 500 closed down 7.02 points or 0.8% at 835.
In Asian trading, crude oil is currently up $0.20 at $51.25 a barrel in electronic trading. Light sweet crude for May delivery closed down $1.46 at $51.05 a barrel on the New York Mercantile Exchange on Monday over demand concerns. Traders now look forward to Wednesday's Department of Energy inventory report.
The benchmark Hang Seng Index opened weaker at 14,922, compared to its previous close of 14,998, and is presently trading at 14,772, down 229.76 points, or 1.53%.
Among property stocks, Henderson Land is down 2.14%, Wharf Holdings is losing 3.64%, SHK Properties is falling 2.03%, New World Development is declining 3.79% and Sino Land is edging down 1.43%. Other property stocks such as Hang Lung Property and Sinopec Corp. are also trading lower on profit taking.
Among banking stocks, HSBC Holdings is down 2.31%, BOC Hong Kong is 2.67%, and Bank of Communications is edging down 0.33%. However, Bank of East Asia is moving up 2.42% and ICBC is edging up 0.24%.
Insurance stocks are trading weaker. Ping An is down 3.22% and China Life is declining 1.45%.
Resource stocks are trading lower. Aluminum Corporation of China, or CHALCO, is losing 6.88%, CNOOC is falling 3.54% and PetroChina is down 2.23%.
China-related stocks are trading mixed. While China Resources is rising 1.18%, China Mercantile Holdings is losing 3.14% and China Overseas is moving down 1.37%.
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