Hang Seng Tipped To Remain Rangebound

(RTTNews) - The Hong Kong stock market has alternated between positive and negative finishes through the last four trading days since the end of the five-day losing streak in which it had given up more than 850 points or 3 percent. The Hang Seng Index now sits just above the 24,600-point plateau although it's expected to reverse those losses on Friday.

The global forecast for the Asian markets is positive on bargain hunting and easing oil prices and treasury yields. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The Hang Seng finished modestly lower on Thursday as losses from the technology and mineral stocks were mitigated by support from the financial and transportation companies.

For the day, the index slumped 109.49 points or 0.44 percent to finish at 24,604.29 after trading between 24,357.69 and 24,606.15.

The lead from Wall Street is firm as the major averages opened solidly higher on Thursday and remained in the green throughout the session.

The Dow jumped 316.14 points or 0.61 percent to finish at 51,778.04, while the NASDAQ surged 439.88 points or 1.69 percent to close at 26,089.55 and the S&P 500 rallied 85.95 points or 1.14 percent to end at 7,637.76.

Stocks surged early in the session amid an extended pullback by the price of crude oil after supply-related concerns eased amid Saudi Arabia's efforts to get its vital oil pipeline back in operation. West Texas Intermediate crude for October delivery was down $0.60 or 0.59 percent at $101.83 per barrel.

Treasury yields have moved to the downside along with crude oil prices, with the yield on the benchmark ten-year note slumping after ending the previous session roughly flat.

Traders shrugged off Wednesday's widely expected interest rate hike by the Federal Reserve, even though projections point to at least one more rate hike before the end of the year.

In U.S. economic news, the Labor Department showed an unexpected decline in first-time claims for U.S. unemployment benefits last week.