Hong Kong Shares Tipped To Open In The Green

(RTTNews) - The Hong Kong stock market rebounded on Monday, one session after snapping the two-day winning streak in which it had picked up more than 50 points or 0.3 percent. The Hang Seng Index now rests just above the 17,635-point plateau and it's expected to see additional support on Tuesday.

The global forecast for the Asian markets is positive, with bargain hunting among the technology stocks expected to fuel the rally. The European and U.S. markets were up and the Asian markets are expected to follow suit.

The Hang Seng finished sharply higher on Monday following gains from the financial shares and technology stocks, while the property sector weighed.

For the day, the index rallied 218.20 points or 1.25 percent to finish at 17,635.88 after trading between 17,313.88 and 17,693.35.

Among the actives, Alibaba Group advanced 1.29 percent, while Alibaba Health Info gained 0.91 percent, ANTA Sports eased 0.07 percent, China Life Insurance fell 0.18 percent, China Mengniu Dairy rallied 2.21 percent, China Resources Land jumped 1.78 percent, CITIC strengthened 1.40 percent, CNOOC lost 0.24 percent, Country Garden sank 0.62 percent, CSPC Pharmaceutical increased 1.00 percent, Galaxy Entertainment was up 0.59 percent, Hang Lung Properties dropped 0.74 percent, Henderson Land rose 0.89 percent, Hong Kong & China Gas added 0.95 percent, Industrial and Commercial Bank of China collected 0.71 percent, JD.com climbed 1.36 percent, Lenovo soared 3.93 percent, Li Ning shed 0.27 percent, Meituan accelerated 3.23 percent, New World Development tumbled 1.30 percent, Techtronic Industries improved 1.24 percent, Xiaomi Corporation surged 4.24 percent and WuXi Biologics spiked 3.88 percent.

The lead from Wall Street is upbeat as the major averages opened higher and mostly stayed that way throughout the trading day.

The Dow climbed 127.91 points or 0.32 percent to finish at 40,415.44, while the NASDAQ surged 280.63 points or 1.58 percent to end at 18,007.57 and the S&P 500 rallied 59.41 points or 1.08 percent to close at 5,564.41.

The strength on Wall Street came as tech stocks regained ground following the steep drop seen last week, which saw the NASDAQ plunge by 3.7 percent. AI darling and tech sector leader Nvidia (NVDA) led the rebound, spiking 4.8 percent.

The advance by Nvidia also lent considerable strength to the semiconductor stocks, with the Philadelphia Semiconductor Index soaring 4.0 percent after ending last week at its lowest closing level in over a month.

Stocks also moved higher after President Joe Biden announced his decision to drop out of the presidential race and endorsed his Vice President Kamala Harris.

Crude oil futures eased on Monday, declining for the third consecutive session on concerns about the outlook for oil demand and renewed hopes of a ceasefire in Gaza. West Texas Intermediate Crude oil futures for August ended down $0.35 or at $79.78 a barrel.