The Hong Kong stock market has finished higher in three straight sessions, collecting more than 410 points or 2 percent along the way. The Hang Seng now rests just above the 20,275-point plateau and it’s looking at additional support again on Friday.
The global forecast for the Asian markets is upbeat, with support expected especially from oil and technology stocks. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.
The Hang Seng finished sharply higher on Thursday following gains from the financials, properties, oil companies and technology stocks.
For the day, the index surged 329.81 points or 1.65 percent to finish at 20,276.17 after trading between 19,956.67 and 20,286.83.
Among the actives, AAC Technologies gathered 1.66 percent, while Alibaba Group surged 4.38 percent, Alibaba Health Info and Galaxy Entertainment both gained 1.00 percent, ANTA Sports rose 0.91 percent, China Life Insurance collected 1.44 percent, China Mengniu Dairy was up 0.12 percent, China Petroleum and Chemical (Sinopec) advanced 1.57 percent, China Resources Land strengthened 1.90 percent, CITIC climbed 1.87 percent, CNOOC soared 3.63 percent, Country Garden increased 1.11 percent, CSPC Pharmaceutical spiked 3.55 percent, Hang Lung Properties accelerated 3.01 percent, Henderson Land was up 0.62 percent, Hong Kong & China Gas added 1.04 percent, Industrial and Commercial Bank of China rallied 2.59 percent, JD.com skyrocketed 4.46 percent, Lenovo jumped 2.22 percent, Li Ning skidded 1.32 percent, Meituan perked 0.68 percent, New World Development gathered 0.33 percent, Techtronic Industries tumbled 2.20 percent, Xiaomi Corporation improved 1.43 percent and WuXi Biologics rose 0.27 percent.
The lead from Wall Street is broadly positive as the major averages opened modestly higher on Thursday but accelerated throughout the day, finishing near session highs.
The Dow surged 614.46 points or 1.85 percent to finish at 33,916.39, while the NASDAQ soared 382.59 points or 3.06 percent to close at 12,871.53 and the S&P 500 spiked 103.54 points or 2.47 percent to end at 4,287.50.
The rally on Wall Street came as upbeat earnings news overshadowed a disappointing report on the U.S. economy; results from companies like Meta (FB), Qualcomm (QCOM), McDonald’s (MCD), Merck (MRK), and Eli Lilly (LLY) led the way.
Meanwhile, traders seemed to shrug off a report from the Commerce Department showing U.S. economic activity unexpectedly contracted in the first quarter of 2022.
Some traders may have interpreted the data as a sign the Federal Reserve will not raise interest rates as aggressively as currently expected.
Crude oil prices climbed higher Thursday amid concerns over supply due to the possible impact of sanctions on Russia’s crude oil production. West Texas Intermediate Crude oil futures for June ended higher by $3.34 or 3.3 percent at $105.36 a barrel.
Market Analysis
Higher Open Called For Hong Kong Stock Market
2022-04-29 01:15:27
