Oversold Hong Kong Bourse Expected To Open Higher On Wednesday

(RTTNews) - The Hong Kong stock market has finished higher in three straight sessions, climbing more than 930 points or 3.9 percent along the way. The Hang Seng Index now sits just above the 24,175-point plateau and it's expected to open to the upside again on Wednesday.

The global forecast for the Asian markets is upbeat following news of a ceasefire between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

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

For the day, the index spiked 487.94 points or 2.06 percent to finish at 24,177.07 after trading between 23,832.73 and 24,229.21.

Among the actives, Alibaba Group advanced 1.71 percent, while Alibaba Health Info spiked 3.22 percent, ANTA Sports jumped 2.58 percent, China Life Insurance skyrocketed 3.88 percent, China Mengniu Dairy improved 1.62 percent, CITIC rallied 2.83 percent, CNOOC slumped 1.10 percent, CSPC Pharmaceutical soared 3.50 percent, Galaxy Entertainment surged 3.03 percent, Haier Smart Home increased 1.54 percent, Hang Lung Properties fell 0.29 percent, Hong Kong & China Gas rose 0.91 percent, Industrial and Commercial Bank of China collected 1.91 percent, JD.com added 1.44 percent, Lenovo climbed 2.21 percent, Li Auto accelerated 3.81 percent, Li Ning jumped 2.91 percent, Meituan skidded 1.07 percent, New World Development gained 1.34 percent, Nongfu Spring strengthened 2.90 percent, Techtronic Industries surged 3.82 percent, Xiaomi Corporation soared 3.74 percent, WuXi Biologics rallied 3.67 percent and China Resources Land and Henderson Land were unchanged.

The lead from Wall Street is positive as the major averages opened solidly higher and remained in the green throughout the trading day, ending near session highs.

The Dow jumped 507.24 points or 1.19 percent to finish at 43,089.02, while the NASDAQ rallied 281.56 points or 1.43 percent to close at 19,912.53 and the S&P 500 improved 67.01 points or 1.11 percent to end at 6,092.18.

The continued strength on Wall Street came after news that a ceasefire between Israel and Iran is now in effect. While both sides have accused each other of violating the ceasefire, traders appeared to remain optimistic about easing tensions in the Middle East.

Meanwhile, traders largely shrugged off comments from Federal Reserve Chair Jerome Powell indicating the central bank will remain on hold despite pressure from Trump to lower interest rates.

On the U.S. economic front, the Conference Board released a report showing an unexpected deterioration by consumer confidence in the month of June.