Hong Kong Stocks Poised for Soft Open as Tech Selloff Weighs on Asian Markets

Hong Kong's Hang Seng Index is expected to open lower on Friday, tracking a negative lead from Wall Street where technology stocks came under renewed selling pressure. The index closed Thursday at 22,958.65, down 136.18 points or 0.59 percent, after trading between 22,928.27 and 23,184.09. Losses in technology, semiconductor and automobile sectors were partly offset by support from financial shares. The global forecast for Asian markets is soft, with the European markets up and U.S. markets down; Asian bourses are expected to follow the latter. On Wall Street, the NASDAQ tumbled 365.13 points or 1.38 percent to 26,184.72, the Dow shed 132.54 points or 0.25 percent to 52,342.56, and the S&P 500 sank 23.59 points or 0.30 percent to 7,720.39. Alphabet (GOOGL) plunged 13.2 percent after weaker-than-expected third-quarter revenue and negative free cash flow. U.S. consumer prices rose in line with estimates in September. December WTI crude fell $0.79 or 0.77 percent to $101.99 per barrel.