Hang Seng Tipped To Open To The Upside On Tuesday

(RTTNews) - The Hong Kong stock market has moved higher in two of three trading days since the end of the four-day losing streak in which it had surrendered almost 1,250 points or 4.7 percent. The Hang Seng Index now rests just above the 25,715-point plateau and it's looking at a green light for Tuesday's trade. The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil sectors. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The Hang Seng finished sharply higher on Monday with gains across the board, especially among the financial shares, property stocks and technology companies. For the day, the index surged 496.48 points or 1.97 percent to finish at 25,716.50 after trading between 25,369.29 and 25,770.45. Among the actives, Alibaba Group skyrocketed 4.67 percent, while Alibaba Health Info spiked 2.87 percent, ANTA Sports and Hong Kong & China Gas both climbed 1.95 percent, China Life Insurance collected 0.93 percent, China Mengniu Dairy perked 0.48 percent, China Resources Land strengthened 2.22 percent, CITIC was up 0.75 percent, CNOOC slumped 1.49 percent, CSPC Pharmaceutical jumped 2.44 percent, ENN Energy stumbled 2.09 percent, Galaxy Entertainment rallied 2.86 percent, Haier Smart Home increased 1.72 percent, Hang Lung Properties soared 4.01 percent, Henderson Land gained 1.50 percent, Industrial and Commercial Bank of China rose 1.41 percent, JD.com improved 1.90 percent, Lenovo picked up 0.62 percent, Li Auto accelerated 3.93 percent, Li Ning advanced 1.66 percent, Meituan vaulted 2.72 percent, New World Development rocketed 0.85 percent, Nongfu Spring gathered 0.89 percent, Techtronic Industries expanded 2.57 percent, Xiaomi Corporation added 1.52 percent and WuXi Biologics surged 4.06 percent. The lead from Wall Street is strong as the major averages opened mixed on Monday but quickly turned higher and accelerated throughout the day, ending near session highs.

The Dow advanced 202.86 points or 0.44 percent to finish at 26,448.27, while the NASDAQ surged 598.92 points or 2.69 percent to end at 22,872.01 and the S&P 500 climbed 102.13 points r 1.55 percent to close at 6,705.12.

The rally on Wall Street came as traders continued to pick up stocks at relatively reduced levels after concerns about valuations and the outlook for interest rates weighed on the markets for much of last week.

Positive sentiment may also have been generated amid signs of progress toward an agreement to end the protracted war between Russia and Ukraine.

Semiconductor stocks led the way higher, with the Philadelphia Semiconductor Index soaring by 4.4 percent. Computer hardware and networking stocks are also seeing substantial strength, contributing to the surge by the tech-heavy NASDAQ.

Crude oil prices surged on Monday, supported by a positive economic outlook and more demand growth. West Texas Intermediate crude for January delivery was up $0.73 or 1.26 percent at $58.79 per barrel. Closer to home, Hong Kong will see October data for imports, exports and trade balance later today; in September, imports were up 13.6 percent on month and exports rose 16.1 percent for a trade deficit of HKD50.2 billion.