Higher Open Tipped For Hong Kong Shares

(RTTNews) - The Hong Kong stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day winning streak in which it had accelerated almost 1,850 points or 8.3 percent. The Hang Seng Index now rests just above the 23,280-point plateau and it's looking at another green light for Friday's trade.

The global forecast for the Asian markets is firm thanks to major support from crude oil prices. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The Hang Seng finished modestly higher on Thursday following gains from the financials, oil companies, properties and casinos.

For the day, the index advanced 194.27 points or 0.84 percent to finish at the daily high of 23,280.06 after trading as low as 22,756.13.

Among the actives, China Petroleum and Chemical (Sinopec) skyrocketed 8.85 percent, while CNOOC surged 7.47 percent, China Mobile soared 3.59 percent, Techtronic Industries plummeted 3.03 percent, China Mengniu Dairy spiked 2.47 percent, BOC Hong Kong accelerated 2.30 percent, Galaxy Entertainment jumped 1.98 percent, China Resources Land climbed 1.59 percent, Tencent Holdings gathered 1.44 percent, CSPC Pharmaceutical perked 1.21 percent, New World Development advanced 0.95 percent, WH Group added 0.84 percent, Sands China gained 0.72 percent, China Life Insurance rose 0.67 percent, Hong Kong & China Gas increased 0.47 percent, Ping An Insurance picked up 0.20 percent, Industrial and Commercial Bank of China collected 0.19 percent and AIA Group was up 0.14 percent.

The lead from Wall Street is broadly positive as stocks fluctuated throughout much of Thursday's trade before surging into the close.

The Dow jumped 469.93 points or 2.24 percent to finish at 21,413.44, while the NASDAQ climbed 126.73 points or 1.72 percent to 7,487.31 and the S&P 500 spiked 56.40 points or 2.28 percent to 2,526.90.

The higher close on Wall Street was due in large part to strength among energy stocks, which moved sharply higher along with the price of crude oil.

Crude oil prices skyrocketed on Thursday amid hopes the price war between Saudi Arabia and Russia would end soon. West Texas Intermediate Crude oil futures for May ended up $5.01 or 25 percent at $25.32 a barrel.

The strength that emerged came even though the Labor Department reported a record spike in initial jobless claims last week. In the past two weeks, nearly 10 million people have filed for unemployment, which economists say translates to an unemployment rate of about 10 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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