Hong Kong Stock Market May Add To Its Winnings

(RTTNews) - The Hong Kong stock market has climbed higher in two straight sessions, advancing more than 950 points or 3.6 percent along the way. The Hang Seng Index now rests just beneath the 25,350-point plateau and it may see additional support again on Thursday.

The global forecast for the Asian markets is positive on easing oil prices and some optimism for a ceasefire in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

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

For the day, the index vaulted 272.24 points or 1.09 percent to finish at 25,335.95 after trading between 25,015.20 and 25,390.30.

Among the actives, Alibaba Group spiked 4.63 percent, while Alibaba Health Info jumped 2.73 percent, ANTA Sports slumped 1.05 percent, China Life Insurance expanded 1.71 percent, China Mengniu Dairy increased 0.70 percent, China Resources Land added 0.14 percent, CITIC strengthened 2.40 percent, CNOOC tumbled 3.19 percent, CSPC Pharmaceutical vaulted 1.92 percent, Galaxy Entertainment advanced 1.02 percent, Haier Smart Home skidded 1.00 percent, Hang Lung Properties climbed 1.26 percent, Henderson Land dropped 0.85 percent, Hong Kong & China Gas improved 0.98 percent, Industrial and Commercial Bank of China collected 0.92 percent, JD.com soared 4.85 percent, Lenovo elevated 1.82 percent, Li Auto rallied 4.22 percent, Li Ning rose 0.18 percent, Meituan skyrocketed 13.92 percent, Nongfu Spring surged 9.38 percent, Techtronic Industries accelerated 4.55 percent, Xiaomi Corporation sank 0.49 percent, WuXi Biologics tanked 2.18 percent and New World Development was unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and spent the whole day in the green.

The Dow jumped 305.43 points or 0.66 percent to finish at 46,429.49, while the NASDAQ climbed 167.93 points or 0.77 percent to end at 21.929.83 and the S&P 500 gained 35.53 points or 0.54 percent to close at 6,591.90.

The early strength on Wall Street came amid a sharp pullback by the price of crude oil, with international benchmark Brent crude futures slumping by 1.7 percent after surging in the previous session.

Crude oil prices slumped Wednesday on reports of negotiations to end the war between the U.S. and Iran, easing transport concerns via the Strait of Hormuz. West Texas Intermediate crude for May delivery was down $2.22 or 2.40 percent at $90.13 per barrel.

However, buying interest was partly offset by a report from Iran's state-linked media Fars News Agency claiming Iran will not accept the ceasefire offer from the U.S.

In U.S. economic news, the Labor Department said U.S. import and export prices increased by much more than expected in February.

Closer to home, Hong Kong will release February figures for imports, exports and trade balance later today. In January, imports were up 38.1 percent on month and exports rose 33.8 percent for a trade deficit of HKD14.1 billion.