Hong Kong Bourse May Reclaim 22,000-Point Level

(RTTNews) - The Hong Kong stock market bounced higher again on Friday, one day after ending the three-day winning streak in which it had jumped more than 1,000 points or 4.5 percent. The Hang Seng Index now sits just above the 21,980-point plateau and it may see additional support again on Monday.

The global forecast for the Asian markets is positive on easing tariff tensions between the United States and China. 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 Friday following gains from the financial shares and property stocks, while the technology companies were mixed.

For the day, the index improved 70.94 points or 0.32 percent to finish at 21,980.74 after trading between 21,923.90 and 22,267.96.

Among the actives, Alibaba Group soared 1.58 percent, while Alibaba Health Info slumped 0.64 percent, ANTA Sports accelerated 1.32 percent, China Mengniu Dairy perked 0.10 percent, China Resources Land advanced 0.56 percent, CITIC climbed 0.88 percent, CSPC Pharmaceutical dropped 0.49 percent, Galaxy Entertainment increased 0.36 percent, Haier Smart Home gathered 0.22 percent, Hang Lung Properties spiked 1.29 percent, Henderson Land jumped 0.94 percent, Hong Kong & China Gas gained 0.29 percent, Industrial and Commercial Bank of China collected 0.55 percent, JD.com shed 0.32 percent, Lenovo surged 3.39 percent, Li Auto rose 0.28 percent, Li Ning improved 0.53 percent, Meituan added 0.47 percent, New World Development skyrocketed 4.12 percent, Nongfu Spring sank 0.41 percent, Techtronic Industries rallied 0.96 percent, Xiaomi Corporation stumbled 1.04 percent, WuXi Biologics fell 0.22 percent and China Life Insurance and CNOOC were unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Friday but a late rally pushed them all into the green by the close.

The Dow rose 20.10 points or 0.05 percent to finish at 40,113.50, while the NASDAQ rallied 216.94 points or 1.26 percent to close at 17,382.94 and the S&P 500 climbed 40.44 points or 0.74 percent to end at 5,525.21. For the week, the NASDAQ spiked 6.7 percent, the S&P 500 surged 4.6 percent and the Dow shot up by 2.5 percent.

The volatility on the day came as traders kept a close eye on the developments on the trade front, with President Donald Trump refuting China's claims that the two countries have not held any trade negotiations.

Several reports citing U.S. businesses also said China has exempted some U.S. imports from its 125 percent tariffs.

In U.S. economic news, the University of Michigan said consumer sentiment in the U.S. deteriorated less than previously estimated in the month of April.

Crude oil futures moved modestly higher on Friday amid signs of easing trade tensions between the U.S. and China. West Texas Intermediate crude for June delivery rose $0.23 or 0.4 percent to $63.02 a barrel. For the week, crude for June delivery tumbled $0.99 a barrel or 1.6 percent.

Closer to home, Hong Kong will see March figures for imports and exports later today. In February, imports were up 11.8 percent on month and exports climbed 15.4 percent on month.