Markets

Hong Kong Stock Market Has Firm Lead For Friday's Trade

(RTTNews) - Ahead of the two-day break for Typhoon Kompasu and then the Chung Yeung Festival, the Hong Kong stock market had ended the three-day winning streak in which it had surged more than 1,350 points or 5.7 percent. The Hang Seng Index now sits just above the 24,960-point plateau and now it's due for a solid rebound on Friday.

The global forecast for the Asian markets is upbeat on solid earnings news and support from crude oil prices. The European and U.S. markets ended sharply higher and the Asian bourses are also tipped to open in the green.

The Hang Seng finished sharply lower on Tuesday following losses from the properties, oil companies and technology stocks.

For the day, the index plummeted 362.50 points or 1.43 percent to finish at 24,962.59 after trading between 24,865.80 and 25,188.78.

Among the actives, AAC Technologies sank 1.40 percent, while AIA Group dropped 1.30 percent, Alibaba Group plunged 3.87 percent, Alibaba Health Info plummeted 4.56 percent, ANTA Sports surrendered 2.07 percent, China Life Insurance lost 0.72 percent, China Mengniu Dairy and Xiaomi Corporation both retreated 2.54 percent, China Petroleum and Chemical (Sinopec) dipped 0.25 percent, China Resources Land surged 2.72 percent, CITIC shed 1.12 percent, CNOOC skidded 2.36 percent, Country Garden fell 0.71 percent, CSPC Pharmaceutical declined 2.39 percent, Galaxy Entertainment jumped 1.49 percent, Hang Lung Properties added 0.34 percent, Henderson Land and Techtronic Industries both advanced 0.47 percent, Hong Kong & China Gas eased 0.17 percent, Industrial and Commercial Bank of China collected 0.23 percent, Li Ning soared 2.46 percent, Longfor rallied 1.15 percent, Meituan tumbled 3.03 percent, New World Development slid 0.45 percent, Sands China spiked 2.37 percent, Sun Hung Kai Properties was down 0.20 percent and WuXi Biologics tanked 3.30 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Thursday and stayed comfortably in the green throughout the session.

The Dow surged 534.75 points or 1.56 percent to finish at 34,912.56, while the NASDAQ spiked 251.79 points or 1.73 percent to close at 14,823.43 and the S&P 500 jumped 74.45 points or 1.71 percent to end at 4,438.26.

The rally on Wall Street came as traders reacted positively to a batch of largely upbeat earnings news from several big-name companies, including UnitedHealth (UNH), Bank of America (BAC) and Morgan Stanley (MS).

Adding to the positive sentiment, the Labor Department said that first-time claims for U.S. unemployment benefits dropped below 300,000 for the first time in well over a year last week.

Crude oil futures settled higher Thursday as the International Energy Agency (IEA) lifted its global oil demand forecast. West Texas Intermediate Crude oil futures for November rose $0.87 or 1.1 percent at $81.31 a barrel, the highest level since October 2014.

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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