Hong Kong Shares May Extend Tuesday's Gains

(RTTNews) - The Hong Kong stock market on Tuesday snapped the two-day slide in which it had stumbled more than 410 points or 1.9 percent. The Hang Seng Index now sits just above the 23,510-point plateau and it's expected to open in the green again on Wednesday,

The global forecast for the Asian markets is upbeat on optimism over the outlook for tariffs and the economy. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The Hang Seng finished sharply higher on Tuesday following gains from the financial shares, property stocks and technology companies.

For the day, the index rallied 354.52 points or 1.53 percent to finish at 23,512.49 after trading between 23,281.10 and 23,535.37.

Among the actives, Alibaba Group gathered 0.62 percent, while Alibaba Health Info perked 0.22 percent, ANTA Sports fell 0.32 percent, China Life Insurance expanded 1.39 percent, China Mengniu Dairy jumped 1.82 percent, China Resources Land gained 1.00 percent, CITIC strengthened 1.81 percent, CNOOC increased 1.34 percent, CSPC Pharmaceutical climbed 1.56 percent, Galaxy Entertainment slumped 1.18 percent, Haier Smart Home advanced 1.33 percent, Hang Lung Properties collected 0.49 percent, Henderson Land rallied 2.26 percent, Hong Kong & China Gas and Nongfu Spring both improved 1.44 percent, Industrial and Commercial Bank of China soared 3.02 percent, Lenovo was up 0.11 percent, Li Auto accelerated 5.82 percent, Li Ning added 1.08 percent, Meituan rose 0.66 percent, New World Development skyrocketed 5.58 percent, Techtronic Industries spiked 2.54 percent, Xiaomi Corporation surged 3.10 percent, WuXi Biologics skidded 1.00 percent and JD.com was unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Tuesday, climbing steadily higher to end near session highs.

The Dow rallied 214.16 points or 0.51 percent to finish at 42,519.64, while the NASDAQ jumped 156.34 points or 0.81 percent to close at 19,398.96 and the S&P 500 added 34.43 points or 0.58 percent to end at 5,970.37.

The continued strength on Wall Street came following the release of a Labor Department report showing an unexpected increase by job openings in the U.S. in the month of April.

Meanwhile, traders continued to await further developments on the trade front a month ahead of the expiration of President Donald Trump's 90-day tariff pause.

While tensions between the U.S. and China have seemingly risen in recent days, traders appear to remain generally optimistic about trade deals being reached.

The price of crude oil showed another strong move to the upside during trading on Tuesday amid ongoing concerns about supply due to escalating geopolitical tensions and stuttering U.S.-Iran nuclear talks. West Texas Intermediate crude for July delivery jumped $0.89 or 1.4 percent to $63.41 a barrel.