Hong Kong Stock Market Tipped To Open In The Green

(RTTNews) - The Hong Kong stock market has finished higher in seven straight sessions, advancing almost 1,050 points or 4.2 percent along the way. The Hang Seng Index now sits just above the 26,000-point plateau and it's looking at another green light for Tuesday's trade.

The global forecast for the Asian markets is upbeat on sinking crude oil prices and optimism for an end to the conflict 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 modestly higher on Monday as gains from the technology companies were capped by weakness among the financial shares and property stocks.

For the day, the index improved 124.97 points or 0.48 percent to finish at 26,009.40 after trading between 25,811.74 and 26,133.88.

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

The Dow rallied 693.38 points or 1.32 percent to finish at 53,178.41, while the NASDAQ surged 540.04 points or 2.13 percent to end at 25,913.90 and the S&P 500 jumped 110.78 points or 1.48 percent to close at 7,600.50.

The rally on Wall Street came as crude oil prices have plummeted amid renewed optimism about an end to the conflict in the Middle East.

Crude oil prices plummeted on Monday, with supply disruption threats diminishing after U.S. President Donald Trump called off a planned attack on Iran. West Texas Intermediate crude for September delivery was down $4.77 5.63 percent at $79.90 per barrel.

Trump later claimed that talks between the U.S. and Iran would begin Monday afternoon, although Tehran has denied there are plans for direct negotiations with the U.S.

In U.S. economic news, the Institute for Supply Management said U.S. manufacturing activity increased more than expected in July.

Closer to home, Hong Kong will provide June numbers for retail sales later today; in May, sales were up 7.9 percent on year.