Continued Support Called For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has finished higher in two straight sessions, rallying more than 900 points or 4 percent along the way. The Hang Seng Index now sits just above the 22,560-point plateau and it's predicted to open higher on Friday.

The global forecast for the Asian markets is upbeat after solid economic data helped to allay fears of an economic slowdown. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished sharply higher on Thursday following gains from the technology stocks, properties, financials and oil companies.

For the day, the index surged 522.13 points or 2.37 percent to finish at the daily high of 22,566.78 after trading as low as 22,329.07.

Among the actives, Alibaba Group improved 1.03 percent, while Alibaba Health Info soared 4.21 percent, ANTA Sports spiked 2.77 percent, China Life Insurance collected 1.60 percent, China Mengniu Dairy advanced 1.07 percent, China Resources Land perked 0.13 percent, CITIC climbed 2.22 percent, CNOOC gained 0.88 percent, Country Garden surged 6.18 percent, CSPC Pharmaceutical rose 0.21 percent, Galaxy Entertainment tumbled 1.00 percent, Hang Lung Properties strengthened 2.13 percent, Henderson Land climbed 1.52 percent, Industrial and Commercial Bank of China collected 0.95 percent, JD.com rallied 2.76 percent, Lenovo spiked 3.54 percent, Li Ning surged 7.19 percent, Meituan jumped 2.56 percent, New World Development soared 3.59 percent, Techtronic Industries eased 0.10 percent, Xiaomi Corporation skyrocketed 12.48 percent, WuXi Biologics was up 0.07 percent and Hong Kong & China Gas was unchanged.

The lead from Wall Street is positive as the major averages shook off early volatility, moving solidly higher as the day progressed to end near session highs.

The Dow jumped 205.57 points or 0.61 percent to finish at 33,949.41, while the NASDAQ spiked 199.06 points or 1.76 percent to end at 11,512.41 and the S&P 500 climbed 44.21 points or 1.10 percent to close at 4,060.43.

The strength on Wall Street came following the release of some upbeat U.S. economic data, including a Commerce Department report showing U.S. economic activity surged by more than expected in the fourth quarter of 2022.

Also, the Labor Department also said initial jobless claims unexpectedly dipped to a nine-month low last week, while the Commerce Department noted a spike in durable goods orders and a continued increase in new home sales.

The data paints a relatively positive picture of the economy but has also raised concerns about the outlook for interest rates ahead of next week's Federal Reserve meeting.

Crude oil prices showed a strong move to the upside on Thursday, benefitting from optimism about the outlook for demand following the release of upbeat U.S. economic data. West Texas Intermediate Crude for March delivery jumped $0.86 or 1.1 percent to $81.01 a barrel.