Hong Kong Stock Market May Extend Winning Streak
(RTTNews) - The Hong Kong stock market has moved higher in consecutive trading days, soaring more than 1,220 points or 4 percent along the way. The Hang Seng Index now rests just above the 26,315-point plateau and it's got another solid lead for Friday's trade.
The global forecast for the Asian markets is firm, supported by crude oil and optimism over interest rates. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The Hang Seng finished sharply higher on Thursday, cutting into the major losses earlier in the week.
For the day, the index surged 841.44 points or 3.30 percent to finish at 26,315.32 after trading between 25,857.42 and 26,335.36.
Among the actives, AAC Technologies advanced 1.83 percent, while AIA Group climbed 3.89 percent, Alibaba Group soared 7.70 percent, Alibaba Health Info skyrocketed 22.67 percent, ANTA Sports gained 1.10 percent, China Life Insurance collected 1.40 percent, China Mengniu Dairy rose 0.60 percent, China Petroleum and Chemical (Sinopec) skidded 0.83 percent, China Resources Land perked 2.01 percent, CITIC added 1.81 percent, CNOOC strengthened 0.65 percent, Country Garden Services spiked 6.18 percent, CSPC Pharmaceutical accelerated 5.74 percent, Galaxy Entertainment tumbled 1.50 percent, Hang Lung Properties jumped 4.00 percent, Henderson Land dipped 0.14 percent, Hong Kong & China Gas sank 0.47 percent, Industrial and Commercial Bank of China plummeted 2.03 percent, Longfor tanked 1.75 percent, Meituan surged 9.49 percent, Sands China was up 0.19 percent, Sun Hung Kai Properties lost 0.18 percent, Techtronic Industries dropped 0.44 percent, Xiaomi Corporation gathered 3.19 percent, WuXi Biologics rallied 4.62 percent and New World Development was unchanged.
The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the session.
The Dow jumped 153.60 points or 0.44 percent to finish at 35,084.53, while the NASDAQ rose 15.68 points or 0.11 percent to end at 14,778.26 and the S&P 500 added 18.51 points or 0.42 percent to close at 4,419.15.
The strength on Wall Street came despite some disappointing U.S. economic data, including a Commerce Department report showing economic growth fell well short of estimates in Q2.
The weaker than expected data may have added to optimism the Federal Reserve will not be in a hurry to begin scaling back its asset purchases.
Also, the Labor Department noted a modest pullback in initial jobless claims last week, while the National Association of Realtors reported an unexpected fall in pending home sales in June.
Crude oil futures settled higher Thursday as data showing a drop in U.S. crude inventories continued to support oil prices - while a weak dollar also contributed. West Texas Intermediate Crude oil futures for September ended up $1.23 or 1.7 percent at $73.62 a barrel.
Closer to home, Hong Kong will provide an advance estimate for Q2 gross domestic product later today; in the three months prior, GDP was up 5.4 percent on quarter and 7.9 percent on year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.