Higher Open Tipped For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved higher in two straight sessions, advancing more than 350 points or 2 percent in that span. The Hang Seng Index now rests just above the 17,400-point plateau and it's got a positive lead for Tuesday's trade.

The global forecast for the Asian markets is upbeat on easing treasuries and ahead of key data later this week. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.

The Hang Seng finished barely higher on Monday following gains from the technology stocks and a mixed picture from the property sector.

For the day, the index collected 7.63 points or 0.04 percent to finish at the daily high of 17,406.36 after moving as low as 17,225.65.

Among the actives, Alibaba Group dropped 0.67 percent, while Alibaba Health Info improved 0.65 percent, ANTA Sports climbed 0.95 percent, China Life Insurance collected 0.38 percent, China Mengniu Dairy strengthened 1.16 percent, CITIC sank 0.15 percent, CNOOC plunged 3.45 percent, Country Garden increased 0.42 percent, CSPC Pharmaceutical rose 0.60 percent, ENN Energy plummeted 5.19 percent, Galaxy Entertainment gained 0.68 percent, Hang Lung Properties added 0.78 percent, Henderson Land was up 0.24 percent, Hong Kong & China Gas jumped 2.01 percent, Industrial and Commercial Bank of China tumbled 2.86 percent, JD.com eased 0.10 percent, Lenovo spiked 5.03 percent, Li Ning retreated 1.61 percent, Meituan advanced 0.88 percent, New World Development fell 0.14 percent, Techtronic Industries rallied 2.25 percent, Xiaomi Corporation surged 5.92 percent, WuXi Biologics soared 5.76 percent and China Resources Land and DLP Holdings were unchanged.

The lead from Wall Street is strong as the major averages opened higher on Monday and mostly improved as the day progressed, ending near session highs.

The Dow surged 511.37 points or 1.58 percent to finish at 32,928.96, while the NASDAQ rallied 146.47 points or 1.16 percent to end at 12,789.48 and the S&P 500 gained 49.45 points or 1.20 percent to close at 4,166.82.

The rebound on Wall Street reflected bargain hunting, with traders picking up stocks at reduced levels following last week's sell-off - which reflected ongoing concerns about the outlook for interest rates and concerns in the Middle East.

Meanwhile, traders continued to look ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday.

With the Fed widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the potential for further rate hikes.

Oil prices declined sharply Monday amid easing concerns about supply disruptions from the Middle East region. Investors are also looking ahead to the Federal Reserve's monetary policy announcement and the non-farm payroll data for October on Friday. West Texas Intermediate Crude oil futures for December slumped $3.23 or 3.8 percent at $82.31 a barrel.

Closer to home, Hong Kong will release preliminary Q3 figures for gross domestic product later today, with analysts looking for an increase of 5.1 percent on year - accelerating from 1.5 percent in the three months prior.

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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