Hong Kong Stocks Point Higher After Friday's Sharp Reversal; Hang Seng Seen Retesting 17,800

Hong Kong stocks are poised for a higher open Monday, with the Hang Seng Index expected to find renewed support after snapping a four-day rally that had added more than 310 points, or 1.7 percent. The index fell 228.69 points, or 1.27 percent, to close at its daily low of 17,799.61 on Friday, just below the 17,800-point plateau, after peaking at 18,105.01. Friday's decline was led by financial, property and technology shares. Country Garden plunged 3.43 percent, Galaxy Entertainment lost 3.29 percent, ICBC shed 2.69 percent and China Mengniu Dairy fell 2.73 percent. CSPC Pharmaceutical gained 1.46 percent and WuXi Biologics added 0.72 percent. The regional lead is positive after U.S. stocks closed near session highs, with the NASDAQ up 0.90 percent at a record 18,352.76 and the S&P 500 up 0.54 percent at a record 5,567.19. The June jobs report, showing downward revisions to April and May payrolls and a higher unemployment rate, fueled expectations the Federal Reserve will cut rates soon, pushing Treasury yields lower. WTI crude fell 0.86 percent to $83.16 a barrel but gained about 2 percent for the week.