Hong Kong Shares Expected To Open In The Red

(RTTNews) - The Hong Kong stock market has finished lower in three straight sessions, slumping almost 1,150 points or 4.3 percent along the way. The Hang Seng Index now rests just above the 25,900-point plateau and it may extend its losses on Wednesday.

The global forecast for the Asian markets is weak on persistent concerns about an AI bubble. The European and U.S. markets were sharply lower and the Asian bourses also figure to open to the downside.

The Hang Seng finished sharply lower on Tuesday with damage across the board, especially among the financial shares, property stocks and technology companies.

For the day, the index stumbled 454.25 points or 1.72 percent to finish at 25,930.03 after trading between 25,821.84 and 26,188.82.

Among the actives, Alibaba Group eased 0.19 percent, while Alibaba Health Info sank 1.70 percent, ANTA Sports dipped 0.87 percent, China Life Insurance and CNOOC both plummeted 3.11 percent, China Mengniu Dairy was down 0.54 percent, China Resources Land slumped 2.11 percent, CITIC crashed 3.87 percent, CSPC Pharmaceutical skidded 1.78 percent, Galaxy Entertainment retreated 2.61 percent, Haier Smart Home surrendered 2.47 percent, Hang Lung Properties slipped 1.19 percent, Henderson Land stumbled 2.80 percent, Hong Kong & China Gas shed 1.48 percent, Industrial and Commercial Bank of China fell 1.23 percent, JD.com slid 0.95 percent, Lenovo cratered 4.16 percent, Li Auto and Techtronic Industries both plunged 2.92 percent, Li Ning dropped 1.71 percent, Meituan contracted 1.69 percent, New World Development declined 2.23 percent, Nongfu Spring tumbled 2.32 percent, Xiaomi Corporation tanked 2.81 percent and WuXi Biologics lost 1.42 percent.

The lead from Wall Street is negative as the major averages opened in the red and remained under water throughout the trading day.

The Dow plunged 498.50 points or 1.07 percent to finish at 46,091.74, while the NASDAQ stumbled 275.23 points or 1.21 percent to close at 22,432.85 and the S&P 500 sank 55.09 points or 0.83 percent to end at 6,617.32.

Weakness among technology stocks continued to weigh on Wall Street amid an extended decline by market leader and AI darling Nvidia (NVDA) as traders look ahead to the release of the chipmaker's quarterly results later today.

The strength of Nvidia's results and its guidance could have a significant impact on the markets amid recent concerns about an AI bubble.

On the U.S. economic front, the Commerce Department released a report showing a significant rebound by new orders for U.S. manufactured goods in the month of August.

Crude oil prices soared on Tuesday as the end of the U.S. government shutdown has accelerated expectations of brisk demand. West Texas Intermediate crude for December delivery was up $0.90 or 1.49 percent at $60.80 per barrel.