Hong Kong Shares Tipped To Bounce Higher Again On Thursday

(RTTNews) - The Hong Kong stock market on Wednesday snapped the two-day winning streak in which it had collected more than 360 points or 2 percent. The Hang Seng Index now sits just beneath the 18,425-point plateau although it's likely to rebound on Thursday.

The global forecast for the Asian markets is upbeat, with energy and technology stocks expected to lead the way, The European and U.S. markets were up and the Asian bourses figure to follow suit.

The Hang Seng finished slightly lower on Wednesday following mixed performances from the financial shares, property stocks and technology companies.

For the day, the index slid 19.15 points or 0.10 percent to finish at 18,424.96 after trading between 18,375.27 and 18,724.62.

Among the actives, Alibaba Group rallied 0.72 percent, while Alibaba Health Info surged 2.60 percent, ANTA Sports advanced 0.63 percent, China Life Insurance skidded 0.70 percent, China Mengniu Dairy sank 0.27 percent, China Resources Land tanked 1.99 percent, CITIC shed 0.25 percent, Country Garden and CNOOC both surrendered 1.69 percent, CSPC Pharmaceutical declined 0.87 percent, Galaxy Entertainment soared 2.31 percent, Haier Smart Home rose 0.17 percent, Hang Lung Properties added 0.53 percent, Henderson Land plummeted 2.54 percent, Hong Kong & China Gas stumbled 0.81 percent, Industrial and Commercial Bank of China and Xiaomi Corporation both dropped 0.45 percent, JD.com jumped 1.88 percent, Lenovo plunged 2.12 percent, Li Ning tumbled 1.20 percent, Meituan slumped 0.79 percent, New World Development retreated 1.18 percent, Techtronic Industries eased 0.10 percent and WuXi Biologics was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Wednesday, faded a bit but bounced solidly higher and sent the NASDAQ and S&P to fresh record closing highs.

The Dow added 96.04 points or 0.25 percent to finish at 38,807.33, while the NASDAQ surged 330.86 points or 1.96 percent to close at 17,187.90 and the S&P 500 rallied 62.69 points or 1.18 percent to end at 5,354.03.

The surge by the NASDAQ came as tech stocks continued to take their cues from Nvidia (NVDA), as the AI darling soared by 5.2 percent to a new record closing high.

The strength on Wall Street also came as a report from payroll processor ADP showing private sector job growth in the U.S. slowed by more than expected in the month of May added to optimism about the outlook for interest rates.

Treasury yields moved lower following the release of the jobs data, with the ten-year yield falling to its lowest levels in two months.

Crude oil prices bounced higher from four-month lows after OPEC decided not to extend production cuts. West Texas Intermediate for July delivery was up $1.04 or 1.42 percent to $74.29 per barrel.