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Hong Kong Stock Market May Add To Its Winnings

The Hong Kong stock market bounced higher again on Tuesday, one session after it had ended the three-day winning streak in which it had surged more than 1,900 points or 7.5 percent. The Hang Seng Index now rests just above the 26,120-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is flat to higher ahead of election results in the United States. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The Hang Seng finished modestly higher on Tuesday as gains from the properties and oil and insurance companies were capped by weakness from the casinos and a mixed bag from the financial sector.

For the day, the index collected 186.57 points or 0.72 percent to finish at 26,120.96 after trading between 25,826.69 and 26,159.83.

Among the actives, AAC Technologies plummeted 3.46 percent, while CNOOC surged 2.81 percent, CSPC Pharmaceutical soared 2.42 percent, New World Development spiked 2.17 percent, Sino Land jumped 2.07 percent, China Mengniu Dairy and China Petroleum and Chemical (Sinopec) both climbed 1.80 percent, Galaxy Entertainment skidded 1.61 percent, CITIC advanced 1.51 percent, Chin Mobile perked 1.44 percent, Sands China tumbled 1.33 percent, WH Group rose 1.21 percent, Ping An Insurance added 0.83 percent, BC Hong Kong shed 0.66 percent, Hang Seng Bank lost 0.64 percent, AIA Group gained 0.48 percent, China Life Insurance was up 0.37 percent, Hong Kong & Chin Gas rose 0.27 percent, Industrial and Commercial Bank of China collected 0.18 percent and Tencent Holdings eased 0.14 percent.

The lead from Wall Street is positive as stocks fluctuated on Tuesday but maintained an upward bias and finished in the green.

The Dow added 173.31 points or 0.68 percent to 25,635.01, while the NASDAQ gained 47.11 points or 0.64 percent to 7,375.96 and the S&P was up 17.14 points or 0.63 percent to 2,755.45.

The strength on Wall Street came as stocks continued to recover from the sell-off seen in October, which was one of the worst months for the markets in years.

However, traders seemed reluctant to make more significant moves amid uncertainty about the outcome of the midterm elections - which will decide control of the House and the Senate and have a major impact on President Donald Trump's ability to enact his pro-business agenda.

Traders also looked ahead to Thursday's Federal Reserve's monetary policy announcement. The Fed is widely expected to leave interest rates unchanged, but traders will keep a close eye on the accompanying statement for clues about an expected rate hike in December.

Crude oil prices fell again on Tuesday, extending their slide to a seventh successive session on prospects of a drop in demand amid uncertainty about global economic growth. Crude oil futures for December ended down $0.89 or 1.4 percent at $62.21 a barrel.

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