Hong Kong Stock Market May Extend Winning Streak
(RTTNews) – The Hong Kong stock market has finished higher in three straight sessions, gathering nearly 230 points or 0.9 percent along the way. The Hang Seng Index now rests just beneath the 26,590-point plateau and it’s tipped to open in the green again on Wednesday.
The global forecast for the Asian markets is strong on continued optimism for a coronavirus vaccine. The European and U.S. markets were up and the Asian markets are tipped to at least open in similar fashion.
The Hang Seng finished modestly higher on Tuesday following gains from the casinos, mixed performances from the properties and technology stocks and weakness from the oil stocks.
For the day, the index climbed 102.00 points or 0.39 percent to finish at 26,588.20 after trading between 26,409.77 and 26,630.34.
Among the actives, WuXi Biologics plummeted 4.17 percent, while Galaxy Entertainment surged 3.86 percent, CSPC Pharmaceutical plunged 3.56 percent, Alibaba Group soared 2.27 percent, New World Development spiked 2.15 percent, China Mobile accelerated 2.04 percent, Sun Hung Kai Properties rallied 2.02 percent, AAC Technologies jumped 1.91 percent, Xiaomi tumbled 1.63 percent, Power Assets perked 1.60 percent, AIA Group climbed 1.38 percent, Industrial and Commercial Bank of China skidded 1.31 percent, China Life Insurance retreated 1.25 percent, Ping An Insurance sank 1.24 percent, Sands China gathered 0.81 percent, China Mengniu Dairy advanced 0.73 percent, China Petroleum and Chemical (Sinopec) dropped 0.56 percent, Hong Kong & China Gas added 0.50 percent, CITIC shed 0.49 percent, WH Group lost 0.45 percent, CNOOC fell 0.44 percent, Techtronic Industries rose 0.09 percent and BOC Hong Kong and China Resources Land were unchanged.
The lead from Wall Street is broadly positive as stocks opened higher on Tuesday and picked up steam as the day progressed, ending in the green for the second straight day.
The Dow soared 454.97 points or 1.54 percent to finish at a record 30,046.24, while the NASDAQ jumped 156.15 points or 1.31 percent to end at 12,036.79 and the S&P 500 advanced 57.82 points or 1.62 percent to close at 3,635.41.
The spike on Wall Street came in reaction to confirmation about President-elect Joe Biden’s transition to the White House, removing some of the uncertainty surrounding the election.
Recent encouraging updates on the coronavirus vaccine front continued to aid sentiment in the face of continued spikes in new cases across the country.
Also, the market appeared to be hoping that a new administration at White House will decide on a fiscal stimulus soon and begin efforts to put the economy back on track.
Crude oil prices rose sharply on Tuesday and lifted the most active futures contract to their highest close since March thank to easing concerns about energy demand on upbeat updates on potential coronavirus vaccine. West Texas Intermediate Crude oil futures for January spiked $1.85 or 4.3 percent at $44.91 a barrel.
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