(RTTNews) – Hong Kong’s stock market has soared higher in two consecutive sessions, rising more than 350 points or 2 percent in the period. The Hang Seng Index is now just above the 17,400-point plateau and has a positive lead for Tuesday’s trading.
The global forecast for Asian markets is positive on the easing of government bonds and ahead of key data later this week. European and US markets rose and Asian markets are expected to open similarly.
The Hang Seng ended barely higher on Monday after gains in technology stocks and a mixed picture for the real estate sector.
For the day, the index gained 7.63 points or 0.04 percent to end at the daily high of 17,406.36, after hitting a low of 17,225.65.
Among active companies, Alibaba Group fell 0.67 percent, while Alibaba Health Info improved 0.65 percent, ANTA Sports rose 0.95 percent, China Life Insurance collected 0.38 percent, China Mengniu Dairy rose 1.16 percent strengthened, CITIC fell 0.15 percent, CNOOC plummeted 3.45 percent, Country Garden rose 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 rose 0.24 percent, Hong Kong & China Gas rose 2.01 percent, Industrial and Commercial Bank of China plummeted 2.86 percent, JD.com fell 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 rose 2, 25 percent, Xiaomi Corporation rose 5.92 percent, WuXi Biologics shot up 5.76 percent, and China Resources Land and DLP Holdings remained unchanged.
Wall Street’s lead is big, as the major averages opened higher on Monday and mainly improved as the day progressed, ending near session highs.
The Dow Jones rose 511.37 points or 1.58 percent to end at 32,928.96, while the NASDAQ rose 146.47 points or 1.16 percent to end at 12,789.48 and the S&P 500 rose 49.45 points or gained 1.20 percent to close at 4,166.82.
The recovery on Wall Street reflected bargain hunting, with traders snapping up stocks at lower levels after last week’s sell-off – reflecting ongoing worries about the outlook for interest rates and worries 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 rates unchanged, traders will be closely watching the accompanying statement for clues about the potential for further rate hikes.
Oil prices fell sharply on Monday as concerns about supply disruptions from the Middle East eased. Investors are also looking ahead to the Federal Reserve’s monetary policy announcement and nonfarm payrolls data for October on Friday. West Texas Intermediate crude futures fell $3.23, or 3.8 percent, to $82.31 a barrel in December.
Closer to home, Hong Kong is set to release preliminary third-quarter gross domestic product figures later today, with analysts looking for a 5.1 percent increase from the previous year – an acceleration from 1.5 percent in the three months before.
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