Win Streak May Continue For Hong Kong Shares
(RTTNews) - The Hong Kong stock market has tracked higher in three straight sessions, advancing more than 300 points or 1.2 percent along the way. The Hang Seng Index now sits just above the 24,340-point plateau and it may extend its gains on Wednesday.
The global forecast for the Asian markets is positive on an improved outlook for interest rates. 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 Tuesday as gains from the technology stocks and oil companies were capped by weakness from the financial sector.
For the day, the index advanced 127.01 points or 0.52 percent to finish at 24,340.73 after trading between 23,902.05 and 24,436.58.
The lead from Wall Street is fairly upbeat as the major averages opened mixed on Tuesday but all managed to be in the green by the day's end.
The Dow rose 10.02 points or 0.02 percent to finish at 52,508.66, while the NASDAQ jumped 233.83 points or 0.90 percent to close at 26,107.01 and the S&P 500 collected 28.54 points or 0.38 percent to end at 7,543.88.
The strength on Wall Street followed the release of a closely watched Labor Department report showing consumer prices in the U.S. fell more than expected in June.
The weaker-than-expected inflation data helped ease recent concerns about the outlook for inflation and the possibility of higher interest rates.
The ongoing conflict in the Middle East and a rebound in oil prices limited the upside.
Crude oil prices moved higher again on Tuesday amid concerns about the escalating conflict between the U.S. and Iran. West Texas Intermediate crude for August delivery was up $0.94 or 1.2 percent to $79.08 a barrel.
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