Hong Kong Shares May See Additional Support On Tuesday

(RTTNews) - The Hong Kong stock market on Monday ended the two-day losing streak in which it had tumbled more than 390 points or 1.7 percent. The Hang Seng Index now sits just above the 26,620-point plateau and it may extend its gains on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, with support from technology shares likely offset by weakness from the oil companies. The European and U.S. markets saw mild upside and the Asian bourses are expected to open in similar fashion.

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

For the day, the index surged 494.68 points or 1.89 percent to finish at 26,622.88 after trading between 26,321.57 and 26,687.72.

Among the actives, Alibaba Group spiked 4.14 percent, while Alibaba Health Info surged 5.31 percent, ANTA Sports increased 0.83 percent, China Life Insurance soared 4.61 percent, China Mengniu Dairy improved 0.95 percent, China Resources Land was up 0.61 percent, CITIC climbed 1.43 percent, CNOOC gained 0.84 percent, CSPC Pharmaceutical rallied 2.53 percent, ENN Energy sank 0.39 percent, Galaxy Entertainment spiked 2.89 percent, Haier Smart Home soared 2.82 percent, Hang Lung Properties vaulted 2.00 percent, Henderson Land strengthened 2.06 percent, Hong Kong & China Gas added 1.04 percent, Industrial and Commercial Bank of China collected 0.53 percent, JD.com surged 3.09 percent, Lenovo rose 0.26 percent, Li Auto slumped 1.55 percent, Li Ning increased 1.36 percent, Meituan jumped 2.19 percent, New World Development perked 0.13 percent, Nongfu Spring accelerated 2.68 percent, Techtronic Industries rallied 2.29 percent, Xiaomi Corporation stumbled 2.01 percent, WuXi Biologics improved 1.38 percent and CLP Holdings was unchanged.

The lead from Wall Street is mildly positive as the major averages opened mixed on Monday but eventually managed to finish with modest gains.

The Dow added 68.78 points or 0.15 percent to finish at 46,316.07, while the NASDAQ gained 107.09 points or 0.48 percent to end at 22,591.15 and the S&P 500 rose 17.51 points or 0.26 percent to close at 6,661.21 percent.

The upswing on Wall Street reflected strength among technology stocks, with AI darling and market leader Nvidia (NVDA) jumping 2.1 percent and video game maker Electronic Arts (EA) surging 4.5 percent.

However, traders seemed reluctant to make more significant moves amid concerns about a potential U.S. government shutdown ahead of a deadline later today.

Traders were also looking ahead to the release of the Labor Department's closely watched monthly jobs report on Friday, which could impact the outlook for interest rates. But the data could be delayed if the government shuts down.

Crude oil prices tumbled on Monday in the wake of oversupply concerns thanks to OPEC's plans for increasing output. West Texas Intermediate crude for November delivery was down $2.50 or 3.80 percent at $63.22 per barrel.