Win Streak May Continue For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved higher in four straight sessions, collecting more than 950 points or 4.2 percent along the way. The Hang Seng now sits just beneath the 23,920-point plateau and it may add to its winnings again on Thursday.

The global forecast for the Asian markets is positive on plummeting oil prices following the U.S. midterm elections. The European and U.S. markets were sharply higher and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished sharply higher on Wednesday following gains from the technology, mineral, manufacturing and industrial companies, while the financials and utilities were down.

For the day, the index jumped 393.53 points or 1.67 percent to finish at the daily high of 23,919.50 after trading as low as 23,385.29.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and stayed firmly in the green throughout the trading day, ending near session highs.

The Dow surged 1,569.40 points or 3.03 percent to finish at 53,356.12, while the NASDAQ jumped 364.50 points or 1.44 percent to close at 25,736.51 and the S&P 500 rallied 119.70 points or 1.58 percent to end at 7,688.62.

The rally on Wall Street was a positive reaction to the Democrats' decisive victory in the midterm elections on Tuesday after they won control of both the House and Senate after flipping several seats in traditionally Republican states.

In U.S. economic news, payroll processor ADP said private sector employment in the U.S. grew by more than expected in October. Also, the Institute for Supply Management said service sector growth saw a modest slowdown last month.

Crude oil prices tumbled on Wednesday, losing the geopolitical risk premium as a comfortable victory for the Democrat party in the U.S. midterm elections eased concerns of renewed U.S.-Iran escalation. West Texas Intermediate crude for December delivery was down $8.39 or 8.73 percent at $87.70 per barrel.