(RTTNews) - The Hong Kong stock market bounced higher again on Monday, one session after ending the three-day winning streak in which it had added more than 110 points or 0.4 percent. The Hang Seng Index now sits just above the 27,025-point plateau and it's got a positive lead for Tuesday's trade. The global forecast for the Asian markets is cautiously optimistic amidst an extended rebound among technology companies and ahead of key U.S. data later this week. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The Hang Seng finished sharply higher on Monday following gains from the financial shares, property stocks and technology companies. For the day, the index rallied 467.21 points or 1.76 percent to finish at 27,027.16 after trading between 26,879.10 and 27,111.54. Among the actives, Alibaba Group expanded 1.87 percent, while Alibaba Health Info spiked 2.79 percent, ANTA Sports rallied 2.54 percent, China Life Insurance surged 3.98 percent, China Mengniu Dairy tumbled 1.13 percent, China Resources Land increased 1.20 percent, CITIC vaulted 2.26 percent, CNOOC eased 0.08 percent, CSPC Pharmaceutical improved 1.24 percent, Galaxy Entertainment soared 2.91 percent, Haier Smart Home was up 0.07 percent, Hang Lung Properties jumped 2.53 percent, Henderson Land strengthened 2.50 percent, Hong Kong & China Gas rose 0.79 percent, Industrial and Commercial Bank of China collected 0.46 percent, JD.com added 0.94 percent, Lenovo slumped 0.65 percent, Li Auto gathered 0.35 percent, Li Ning advanced 1.31 percent, Meituan sank 0.38 percent, New World Development skyrocketed 8.04 percent, Nongfu Spring accelerated 2.77 percent, Techtronic Industries gained 0.89 percent, Xiaomi Corporation perked 0.06 percent and WuXi Biologics climbed 1.49 percent.
The lead from Wall Street suggests mild upside as the major averages opened lower on Monday but eventually moved up into the green to finish with modest gains.
The Dow rose 18.98 points or 0.04 percent to finish at 50,134.65, while the NASDAQ jumped 217.80 points or 0.95 percent to close at 23,249.02 and the S&P 500 added 34.13 points or 0.49 percent to end at 6,966.43.
The strength that has emerged on Wall Street reflected an extended rebound by tech stocks, which helped the strong upward move seen last Friday.
Software giant Oracle (ORCL) has helped lead the sector higher, spiking by 9.3 percent after D.A. Davidson upgraded its rating on the company's stock to Buy from Neutral.
The choppy trading came as traders were reluctant to make significant moves ahead of the release of several key U.S. economic reports in the coming days. The Labor Department's closely watched monthly jobs report, which was delayed due to the brief government shutdown last week, is likely to be in the spotlight.
Gold prices moved sharply higher on Monday, extending last week's gains. Gold for February delivery surged $99.70 or 2 percent to $5,050.90 an ounce. The continued advance by the price of gold came amid weakness in the value of the U.S. dollar, with the U.S. dollar index sliding 0.7 percent.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
