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Hang Seng Tipped To Open In The Green - Again

The win streak has reached 11 sessions for the Hong Kong stock market, which had skyrocketed almost 1,800 points or 6 percent along the way. The Hang Seng Index now rests just beneath the 31,010-point plateau and it's expected to open higher yet again on Wednesday.

The global forecast for the Asian markets is firm, thanks to another jump in the price of crude oil. The European and U.S. markets were up, and the Asian markets figure to follow that lead.

The Hang Seng finished modestly higher on Tuesday as gains from the casinos, oil companies and insurance stocks were capped by weakness from the telecoms and financials.

For the day, the index jumped 111.88 points or 0.36 percent to finish at 31,011.41 after trading between 30,852.43 and 31,056.70.

Among the actives, Sands China surged 4.89 percent, while Ping Am Insurance soared 2.49 percent, China Resources Land spiked 2.15 percent, WH Group plummeted 1.77 percent, Galaxy Entertainment jumped 1.67 percent, New World Development advanced 1.46 percent, China Petroleum and Chemical (Sinopec) climbed 1.28 percent, Tencent Holdings perked 1.19 percent, AIA Group skidded 0.82 percent, Industrial and Commercial Bank of China shed 0.76 percent, China Life added 0.62 percent, Lenovo Group gained 0.43 percent, Hong Kong & China Gas was up 0.26 percent, CNOOC collected 0.17 percent, China Mobile fell 0.13 percent and China Mengniu Dairy and China Resources Power Holding were unchanged.

The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday as the major averages again climbed to new record closing highs.

The Dow rose 102.80 points or 0.41 percent to 25,385.80, while the NASDAQ inched up 6.19 points or 0.09 percent to 7,163.58 and the S&P 500 edged up 3.58 points or 0.13 percent to 2,751.29.

Stocks continued to benefit from recent upward momentum, which has lifted the markets to record highs amid optimism about the economic outlook. Continued strength in the overseas markets also contributed to buying interest.

Traders may have been reluctant to make significant moves ahead of earnings season, which start Friday with financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC).

Crude oil futures continued to surge Tuesday on expectations the global oil market will soon re-balance. February WTI oil gained $1.23 or 2 percent to $62.96/bbl, the highest finish since December 2014.

by RTTNews Staff Writer

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