Continued Strength Predicted For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved higher in consecutive trading days, gathering more than 275 points or 1.2 percent along the way. The Hang Seng now sits just above the 23,210-point plateau may extend its gains on Tuesday.

The global forecast for the Asian markets is positive thanks to bargain hunting and easing crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The Hang Seng finished modestly higher on Monday as gains from the energy and consumer companies were capped by weakness from the semiconductors and miners.

For the day, the index gained 118.44 points or 0.51 percent to finish at 23,211.81 after trading between 23,009.79 and 23,259.13.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and remained in the green throughout the trading day.

The Dow gained 146.42 points or 0.28 percent to finish at 52,361.58, while the NASDAQ jumped 214.04 points or 0.82 percent to close at 26,169.38 and the S&P 500 improved 53.09 points or 0.70 percent to end at 7,676.77.

The rebound on Wall Street reflected bargain hunting as traders looked to pick up stocks at reduced levels after the indexes fell to multi-month lows last week.

Traders are also looking ahead to the Federal Reserve's monetary policy announcement on Wednesday, with the central bank widely expected to leave rates unchanged. With a quarter-point rate hike still expected at the Fed's December meeting, traders are likely to keep a close eye on the accompanying statement.

Crude oil prices slumped on Monday on reports that a delegation from Qatar has visited Iran to discuss de-escalation of regional conflicts. West Texas Intermediate crude for December delivery was down $1.27 or 1.27 percent at $102.00 per barrel.