China stocks followed wide swings in the U.S. market, dropping significantly on Thursday. One analyst thinks Wall Street's downturn will last, and drag Hong Kong down with it.
Hong Kong opened 65 points lower after local U.S.-listed stocks dropped Friday but ended up 104 in light turnover, aided by debt-strapped Greece's agreement to an austerity plan.
Hong Kong finished lower due to a pull-back from Wednesday's big gains and worry over the simmering Greek debt crisis. Funds flowed to laggards in the market.
Hong Kong surged in early trading in line with gains in the U.S. but retreated sharply after China announced it would continue its tightening policies in the property sector.
China stocks and Hong Kong blue chips opened higher and added further gains as overseas money chased heavyweight stocks, including some that will announce results in the next three weeks.
Hong Kong opened slightly higher but turned south due to weakness on Mainland markets. China raised the price of gasoline and diesel, but oil plays were soft.
Weighed down by concerns about the slowing Chinese economy, Hong Kong struggled before posting slight gains when Mainland stocks rebounded from early losses.
Hong Kong stabilized after last week's declines but most investors stayed on the sidelines because of concern over Chinese economic weakness and unimpressive corporate results.
Hong Kong opened lower due to pessimism about the U.S. economic recovery and fell below resistance at the 250 day moving average as investors dumped Chinese private companies.
Concerns of slow down of China economy growth which might depress corporate earnings, coupled with other concerns will continue to hurt the market sentiment in the near term.