The Hong Kong stock market has climbed higher in five straight sessions, advancing more than 1,200 points or 4 percent along the way. The Hang Send Index now rests just beneath the 31,260-point plateau and it's looking at additional support again on Thursday.
The global forecast for the Asian markets is firm, with support expected from the financial shares although weakness from the oil stocks may limit the upside. The European and U.S. markets were up and the Asian markets are expected to follow suit.
The Hang Seng finished modestly higher on Wednesday following gains from the utilities and telecoms, while the oil and insurance companies were mixed.
For the day, the index climbed 165.65 points or 0.53 percent to finish at 31,259.10.
Among the actives, AAC Technologies skyrocketed 9.28 percent, while AIA Group surged 1.46 percent, Galaxy Entertainment soared 1.15 percent, Sino Land tumbled 0.99 percent, Sun Hung Kai Properties spiked 0.87 percent, China Mengniu Dairy jumped 0.70 percent, Sands China skidded 0.66 percent, China Petroleum and Chemical (Sinopec) dropped 0.53 percent, CNOOC climbed 0.44 percent, Hong Kong & China Gas and China Mobile both advanced 0.35 percent, Ping An Insurance shed 0.19 percent, Industrial and Commercial Bank of China lost 0.15 percent and China Life and New World Development were unchanged.
The lead from Wall Street is broadly positive as stocks moved mostly higher on Wednesday after initially showing a lack of direction. The NASDAQ hit another new record closing high, while the Dow and the S&P 500 both rose to their best closing levels in nearly three months.
The Dow soared 346.41 points or 1.40 percent to 25,146.39, the NASDAQ climbed 51.38 points or 0.67 percent to 7,689.24 and the S&P 500 added 23.55 points or 0.86 percent to 2,772.35.
Financial stocks led the upward move on Wall Street amid a pullback by U.S. treasuries after European Central Bank chief economist Peter Praet said the ECB will discuss ending its bond purchasing program next week.
In economic news, the Commerce Department said the U.S. trade deficit unexpectedly narrowed in April. Also, the Labor Department said labor productivity in the U.S. increased less than estimated in the first quarter.
Crude oil futures tumbled Wednesday as U.S. oil and gasoline inventories spiked higher, hinting at a drop in demand. July WTI oil settled at $64.73/bbl, down 79 cents or 1.2 percent near a recent two-month low.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.