Win Streak May Continue For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has finished higher in two straight sessions, advancing almost 350 points or 1.4 percent along the way. The Hang Seng Index now sits just above the 25,310-point plateau and it may add to its winnings on Wednesday. The global forecast for the largely oversold Asian markets is cautiously optimistic on hopes for an end to hostilities in the Middle East. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to move higher on Wednesday.

The Hang Seng finished modestly higher on Tuesday following gains from the financial shares and a mixed picture from the technology companies. For the day, the index gained 103.65 points or 0.41 percent to finish at 25,310.85 after trading between 25,069.85 and 25,440.68.

The lead from Wall Street is uncertain as the major averages opened mixed on Tuesday and trended slightly higher but still ended on opposite sides of the unchanged line.

The Dow rallied 537.24 points or 1.03 percent to finish at 52,747.32, while the NASDAQ slumped 55.17 points or 0.22 percent to close at 24,876.91 and the S&P 500 rose 15.60 points or 0.21 percent to end at 7,428.78.

The advance by the Dow was fueled by strong quarterly results from the likes of Sherwin-Williams (SHW) and Coca-Cola (KO), which roundly beat expectations and raised guidance.

Meanwhile, weakness among technology stocks weighed on the NASDAQ, with semiconductor and computer hardware stocks turning in some of the worst performances.

Outside of the tech sector, oil service stocks also saw significant weakness amid the extended nosedive by the price of crude oil.

Crude plunged again on Tuesday amid rising optimism over a resolution to the U.S.-Iran conflict, easing supply disruption concerns. West Texas Intermediate crude for September delivery shed $3.61 or 4.37 percent at $79.00 per barrel.