Hong Kong Stock Market Likely To Reclaim 25,000-Point Level

(RTTNews) - The Hong Kong stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had jumped more than 950 points or 3.6 percent. The Hang Seng Index now rests just beneath the 24,800-point plateau and it may pick up steam on Wednesday.

The global forecast for the Asian markets is upbeat on optimism for an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The Hang Seng finished slightly higher on Tuesday after realigning its lineup to feature AI, semiconductors, and technology.

For the day, the index added 37.35 points or 0.15 percent to finish at 24,788.14 after trading between 24,559.57 and 24,988.53.

Among the actives, AIA eased 0.12 percent, while Alibaba Group dropped 1.24 percent, Baidu perked 0.09 percent, Bank of China jumped 1.64 percent, BOC Hong Kong surged 5.57 percent, China Construction Bank rallied 1.82 percent, Chgina Hongqiao tumbled 2.85 percent, China Life Insurance improved 0.90 percent, China Merchants Bank fell 0.24 percent, China Mobile expanded 1.02 percent, China Petroleum & Chemical shed 0.44 percent, China Shenhua Energy plunged 3.47 percent, CITIC was up 0.17 percent, CNOOC tanked 3.11 percent, Hong Kong Exchange vaulted 1.62 percent, Industrial and Commercial Bank of China and HSBC both collected 1.78 percent, JD.com rose 0.18 percent, Meituan retreated 1.48 percent, New World Development, NetEase sank 1.10 percent, Nongfu Spring soared 3.81 percent, PetroChina plummeted 3.50 percent, Ping An Insurance advanced 0.93 percent, Semiconductor Manufacturing skidded 1.36 percent, Sun Hung Kai Properties increased 0.86 percent, Tencent Holdings added 0.50 percent, Xiaomi Corporation tumbled 1.91 percent, WuXi AppTec spiked 2.98 percent and Zijin Mining gained 0.41 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and continued to accelerate throughout the day, ending at session highs.

The Dow surged 1,125.37 points or 2.49 percent to finish at 46,341.51, while the NASDAQ rallied 795.99 points or 3.83 percent to end at 21,590.63 and the S&P 500 jumped 184.80 points or 2.91 percent to close at 6,528.52.

Despite the rally on the day, the major averages all posted steep losses for the month of March. The Dow plummeted 5.4 percent, the S&P 500 plunged 5.1 percent and the NASDAQ tumbled 4.8 percent.

The rally on Wall Street followed reports that U.S. President Donald Trump is looking to end the war in the Middle East even if the Strait of Hormuz remains largely closed.

Bargain hunting also contributed to the strength on Wall Street, with the NASDAQ and the S&P 500 bouncing off their lowest closing levels in almost eight months.

Crude oil plummeted Tuesday on reports that Trump was willing to push Iran to reopen the Strait of Hormuz through diplomatic efforts. West Texas Intermediate crude for May delivery was down $1.28 or 1.24 percent at $101.60 per barrel.

Closer to home, Hong Kong will provide February numbers for retail sales later today; in January, sales were up 5.5 percent on year.