The stock market in Hong Kong opened weaker on Wednesday, taking cues from the markets in the U.S. where investors resorted to profit taking after a strong rally on Monday, and is continuing to trade in negative territory in early trading.
On Tuesday, the Dow closed down 115.65 points or 1.5% at 7,660, the Nasdaq closed down 37.34 points or 2.4% at 1,518 and the S&P 500 closed down 16.58 points or 2% at 806.
In Asian trading, crude oil is currently down $0.53 at $53.45 a barrel, in electronic trading. Light sweet crude oil for May delivery ended $0.18 higher on New York Mercantile Exchange at $53.98, after hitting an intra-day high of $54.20 and a low of $52.45.
The benchmark Hang Seng Index opened 155 points lower at 13,755, and is currently trading at 13,746, down 1.17% or 163 points.
Almost all the stocks, which witnessed a smart rally in the past few trading sessions, are trading lower on profit taking.
Among financials, HSBC Holdings is down 3.93%, Hang Seng Bank is losing 2.23%, BOC Hong Kong is declining 3.63%, Bank of East Asia is lower by 1.15%, and Bank of Communications is decreasing 1.85%. However, Bank of China is advancing 3.36%.
Insurance stocks are trading mixed. While Ping An is down 1.72%, China Life is edging up 0.19%.
In telecom space, Hutchison Whimpoa is down 1.42%, China Mobile is losing 1.04% and Tencent is lower by 0.94%.
Resource stocks are trading weak. Aluminum Company of China, or Chalco, is down 3.35%. CNOOC is decreasing 2.94% and Petrochina is falling 0.94%.
China-related stocks are trading weaker, on profit taking. China Resources is down 0.65%, and China Overseas is falling 2.88%.
Utility stocks are trading mixed. While HK Electric is gaining 1.06%, HK & China Gas is decreasing 1.34%.
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