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Higher Open Tipped For Hong Kong Stock Market

The Hong Kong stock market on Thursday snapped the four-day winning streak in which it had surged more than 1,370 points or 4.6 percent. The Hang Seng Index now rests just above the 30,830-point plateau although it's expected to open higher again on Friday.

The global forecast for the Asian markets is firm thanks to easing geopolitical concerns and a bump in crude oil prices. The European and U.S. markets were up and the Asian markets figure to follow that lead.

The Hang Seng finished modestly lower on Thursday as losses from the financials and insurance companies were tempered by support from the oil companies and a mixed picture from the property sector.

For the day, the index fell 66.43 points or 0.21 percent to finish at 30,831.28 after trading between 30,637.14 and 31,094.11.

Among the actives, CNOOC surged 3.66 percent, while Galaxy Entertainment plummeted 2.95 percent, WH Group soared 2.24 percent, Tencent Holdings plunged 1.53 percent, AIA Group tumbled 1.40 percent, Sino Land skidded 1.04 percent, BOC Hong Kong dropped 0.67 percent, Sun Hing Kai Properties advanced 0.54 percent, China Mengniu Dairy shed 0.54 percent, Lenovo Group lost 0.49 percent, China Life fell 0.45 percent, Ping An retreated 0.41 percent, China Petroleum and Chemical (Sinopec) added 0.41 percent, Hong Kong and China Gas gained 0.25 percent, New World Development gathered 0.18 percent, Industrial and Commercial Bank of China dipped 0.15 percent, China Mobile was up 0.07 percent and Sands China was unchanged.

The lead from Wall Street is broadly positive as stocks opened higher Thursday and stayed in the green throughout the session, offsetting the weakness in the previous session.

The Dow added 293.60 points or 1.21 percent to 24,483.05, while the NASDAQ gained 71.22 points or 1.01 percent to 7,140.25 and the S&P was up 21.80 points or 0.83 percent to 2,663.99.

The strength on Wall Street came as President Donald Trump sought to downplay concerns about an attack on Syria.

In economic news, the Labor Department said first time claims for unemployment benefits fell in the week ended April 7. The Labor Department also said import prices were unchanged in March, while export prices increased more than expected.

Crude oil futures were slightly higher Thursday, holding near three-year highs as fears of supply interruptions from the Middle East have eased. June WTI oil was up 20 cents or 0.3 percent at $67.02/bbl, the highest since 2014.

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