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Hong Kong Stock Market May Add To Tuesday's Gains

The Hong Kong stock market on Tuesday snapped the two-day slide in which it had tumbled almost 1,000 points or 3.1 percent. The Hang Seng Index now rests just shy of the 29,840-point plateau and it may see additional support on Wednesday.

The global forecast for the Asian markets is mixed and flat, with continued bargain hunting after recent weakness likely to provide mild support. The European markets were down and the U.S. markets were up and the Asian markets figure to split the difference.

The Hang Seng finished sharply higher on Tuesday following gains from the financials, properties and casinos.

For the day, the index surged 379.90 points or 1.29 percent to finish at 29,839.53 after trading between 29,783.10 and 30,169.00.

Among the actives, WH Group surged 4.48 percent, while Galaxy Entertainment soared 3.78 percent, Ping An Insurance spiked 3.65 percent, China Mengniu Dairy jumped 3.36 percent, Sands China climbed 3.12 percent, China Resources Land advanced 2.52 percent, Lenovo Group tumbled 2.05 percent, Industrial and Commercial Bank of China collected 1.39 percent, BOC Hong Kong added 1.36 percent, China Petroleum and Chemical (Sinopec) dropped 1.16 percent, New World Development gained 1.07 percent, China Life skidded 0.66 percent, China Mobile lost 0.61 percent, CITIC picked up 0.37 percent, CNOOC gathered 0.18 percent and China Resources Power Holdings and Hong Kong & China Gas were unchanged.

The lead from Wall Street is cautiously optimistic as stocks shrugged off a lower open to tick slightly higher on Tuesday, extending the upward move in the two previous sessions.

The Dow added 39.18 points or 0.16 percent to 24,640.45, while the NASDAQ advanced 31.55 points or 0.45 percent to 7,013.51 and the S&P rose 6.94 points or 0.26 percent to 2,662.94.

The rebound came as traders looked ahead to reports on consumer prices and retail sales on Wednesday. The data may have a significant impact on how the Federal Reserve will act regarding future interest rate hikes.

Crude oil futures were steady Tuesday, but unable to recoup recent losses. Analysts point to a surge in U.S. shale oil production as the cause of oil's retreat from 4-year highs above $66. WTI light sweet oil for March was down 0.2 percent at $59.19/bbl.

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