Hong Kong Bourse May Spin Its Wheels On Tuesday.
(RTTNews) - The Hong Kong stock market has finished higher in back-to-back sessions, accelerating almost 360 points or 1.4 percent along the way. The Hang Seng Index now rests just above the 26,680-point plateau although investors may cash in on Tuesday.
The global forecast for the Asian markets suggests little movement among a lack of definitive catalysts. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The Hang Seng finished sharply higher on Monday following gains from the financials, properties and insurance companies.
For the day, the index surged 354.43 points or 1.35 percent to finish at 26,681.09 after trading between 26,406.35 and 26,702.16.
Among the actives, AAC Technologies surged 4.00 percent, while Tencent Holdings soared 3.12 percent, Industrial and Commercial Bank of China spiked 1.96 percent, AIA Group accelerated 1.95 percent, Sun Hung Kai Properties jumped 1.68 percent, New World Development climbed 1.54 percent, China Life Insurance advanced 1.46 percent, China Mengniu Dairy tumbled 1.35 percent, WH Group skidded 1.29 percent, CSPC Pharmaceutical dropped 1.20 percent, CNOOC added 1.01 percent, BOC Hong Kong and Hang Seng Bank both collected 0.94 percent, CITIC and Sands China both gained 0.79 percent, Ping An Insurance rose 0.71 percent, Hong Kong & China Gas was up 0.67 percent, China Mobile increased 0.65 percent and China Petroleum and Chemical and Galaxy Entertainment were unchanged.
The lead from Wall Street suggests mild upside as stocks shrugged off early weakness Monday and managed to end slightly in the green at fresh record closing highs.
The Dow added 31.26 points or 0.11 percent to 28,036.15, while the NASDAQ gained 9.11 points or 0.11 percent to 8,549.94 and the S&P 500 rose 1.55 points or 0.05 percent to 3,122.01.
Stocks initially moved to the downside after a tweet from CNBC's Beijing Bureau Chief Eunice Yoon suggested Chinese officials have grown pessimistic about the chances for a trade deal.
However, traders have shown a predilection for taking upbeat reports about the trade talks at face value while shrugging off the negative news. The prevailing optimism about an eventual trade deal has led to a steady upward trend on Wall Street.
In economic news, the National Association of Home Builders said homebuilder confidence ebbed in November.
Crude oil prices drifted lower on Monday due to excess supply in the market and on uncertainty over a potential trade deal between the U.S. and China. West Texas Intermediate crude oil futures for December ended down $0.67 or 1.2 percent at $57.05 a barrel.
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