The Hong Kong stock market has moved higher in six straight sessions, advancing almost 950 points or 3.9 percent along the way. The Hang Seng Index now rests just above the 25,710-point plateau and it’s tipped to open higher again on Wednesday.
The global forecast for the Asian markets is upbeat on solid economic data and support from the technology stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The Hang Seng finished sharpy higher on Tuesday following gains from the financials, properties, casinos and oil and technology stocks.
For the day, the index spiked 322.87 points or 1.27 percent to finish at 25,713.78 after trading between 25,410.87 and 25,746.71.
Among the actives, AAC Technologies added 1.48 percent, while AIA Group increased 0.76 percent, Alibaba Group strengthened 2.29 percent, Alibaba Health Info improved 0.70 percent, ANTA Sports accelerated 2.79 percent, China Life Insurance collected 0.43 percent, China Mengniu Dairy spiked 2.99 percent, China Petroleum and Chemical (Sinopec) gained 1.33 percent, China Resources Land climbed 2.53 percent, CITIC rose 0.97 percent, CNOOC was up 0.62 percent, Country Garden soared 4.32 percent, CSPC Pharmaceutical jumped 2.54 percent, Galaxy Entertainment surged 5.08 percent, Hang Lung Properties gained 0.58 percent, Henderson Land was up 0.15 percent, Hong Kong & China Gas dipped 0.17 percent, Industrial and Commercial Bank of China collected 0.47 percent, Li Ning fell 0.26 percent, Longfor advanced 1.52 percent, Meituan rallied 2.69 percent, Sands China skyrocketed 5.97 percent, Sun Hung Kai Properties added 0.30 percent, Techtronic Industries plunged 2.54 percent, Xiaomi Corporation gathered 2.34 percent, WuXi Biologics perked 2.32 percent and New World Development was unchanged.
The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained in the green throughout the session.
The Dow added 54.77 points or 0.15 percent to finish at 36,142.22, while the NASDAQ jumped 120.01 points or 0.76 percent to close at 15,973.86 and the S&P 500 rose 18.10 points or 0.39 percent to end at 4,700.90.
The strength on Wall Street reflected a positive reaction to some upbeat U.S. economic data, including a Commerce Department report showing retail sales spiked more than expected in October.
The Federal Reserve also released a report showing industrial production rebounded by much more than expected in October.
Crude oil futures settled lower on Tuesday, weighed down by a forecast by the International Energy Agency that global crude output will rise and help ease tight supplies. West Texas Intermediate Crude oil futures for December ended lower by $0.12 or 0.2 percent at $80.76 a barrel.
Market Analysis
Hong Kong Bourse Has Another Green Light For Wednesday
2021-11-17 01:18:08
