Hong Kong market opens lower, crude oil jumps.

Hong Kong market opens lower, crude oil jumps.

The Hong Kong stock market on Friday snapped the two-day losing streak in which it had given up more than 60 points or 0.3 percent. The Hang Seng Index now rests just above the 22,340-point plateau, although the market may head south again on Monday.

Photo Source: The New York Times

Property stocks were down after poor weekend sales and rising expectations of an interest rate hike in the United States. Henderson Land slipped 0.24 per cent and New World Development fell 0.23 per cent.

Macau stocks declined following reports that three Australian employees of Crown Resorts have now been formally arrested over gambling related crimes, with Galaxy Entertainment down 0.42 per cent and Wynn Macau 0.78 per cent lower.

Energy stocks are expected to be in focus on Monday ahead of an Organisation of the Petroleum Exporting Countries (Opec) meeting in Vienna, Austria, scheduled for the end of this month, Haitong International sales trading managing director Andrew Sullivan said.

Consumer and mining stocks drove declines from Australia to South Korea, while the yen’s drop to an almost six-month low bolstered Japanese exporters, helping the Topix index to an eighth straight day of gains. Australia’s currency extended its retreat with the Bloomberg Dollar Spot Index at its strongest point since January.

 US crude rose more than 0.9 per cent with Brent after Russian President Vladimir Putin expressed optimism over a deal to freeze output.

 In Asian trading early on Monday morning, Tokyo’s Nikkei 225 gained 0.38 per cent to 18,036.23. Seoul’s Kospi slipped 0.24 per cent to 1,969.79, while the Sydney All Ordinaries dropped 0.36 per cent to 5,407.80.

The Hang Seng Index futures spot November contract slipped 0.38 per cent, or 84 points, to 22,247 in the pre-trade session on Monday, while Hang Seng China Enterprises Index futures dropped 0.31 per cent, or 29 points, to 9,306.

Hong Kong-listed companies with American Depository Receipts (ADRs) traded in the US were mixed, although many ended lower than their equivalent Hong Kong closing prices on Friday after conversion into the local currency.

HSBC’s ADR closed at HK$60.73, down from the HK$61.10 seen at the Hong Kong close. Sinopec’s ADR increased from HK$5.28 to HK$5.32, and China Mobile dropped from HK$84.60 to HK$84.50.