Hang Seng Tipped To Extend Winning Streak

(RTTNews) - The Hong Kong stock market has moved higher in back-to-back sessions, collecting more than 220 points or 1.1 percent along the way. The Hang Seng Index now sits just above the 19,840-point plateau and it's predicted to open in the green again on Friday.

The global forecast for the Asian markets is upbeat thanks to an earnings-driven rally among technology stocks. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter leads.

The Hang Seng finished modestly higher on Thursday following gains from the financial shares and property stocks, while the technology sector as mixed.

For the day, the index gained 83.01 points or 0.42 percent to finish at 19,840.28 after trading between 19,662.60 and 19,880.29.

Among the actives, Alibaba Group tumbled 1.80 percent, while Alibaba Health Info lost 0.18 percent, ANTA Sports eased 0.10 percent, China Life Insurance soared 5.14 percent, China Mengniu Dairy skidded 0.81 percent, China Resources Land retreated 1.10 percent, CITIC surged 5.51 percent, CNOOC and Galaxy Entertainment both dropped 0.64 percent, Country Garden plummeted 3.91 percent, CSPC Pharmaceutical slumped 0.76 percent, Hang Lung Properties climbed 0.84 percent, Henderson Land rallied 1.11 percent, Hong Kong & China Gas strengthened 1.16 percent, Industrial and Commercial Bank of China collected 0.48 percent, JD.com fell 0.15 percent, Lenovo added 0.63 percent, Li Ning sank 0.62 percent, Meituan and CK Infrastructure both advanced 0.68 percent, New World Development jumped 1.23 percent, Techtronic Industries gained 0.62 percent, Xiaomi Corporation rose 0.18 percent and WuXi Biologics spiked 1.28 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Thursday and accelerated as the day progressed, ending near session highs.

The Dow surged 524.29 points or 1.57 percent to finish at 33,826.16, while the NASDAQ soared 287.89 points or 2.43 percent to end at 12,142.24 and the S&P 500 jumped 79.36 points or 1.96 percent to close at 4,135.35.

The rally on Wall Street partly reflected a positive reaction to upbeat earnings news from Facebook parent Meta Platforms (META), which reported better than expected first quarter results and provided upbeat guidance for the current quarter.

Media conglomerate Comcast (CMCSA) also moved sharply higher after reporting first quarter earnings that exceeded analyst estimates. Big-name companies like eBay (EBAY), Honeywell (HON) and Eli Lilly (LLY) also posted strong gains after reporting their quarterly results.

Meanwhile, traders shrugged off a Commerce Department report showing U.S. economic growth slowed more than expected in the first quarter of 2023. Also, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly declined last week.

Crude oil prices climbed higher on Thursday, supported by data showing a drop in crude inventories in the U.S. last week. West Texas Intermediate Crude oil futures for June ended higher by $0.46 or 0.6 percent at $74.76 a barrel.