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Higher Open Tipped For Hong Kong Stock Market

The Hong Kong stock market on Thursday ended the five-day losing streak in which it had plummeted more than 1,625 points or 6.1 percent. The Hang Seng Index now rests just above the 27,010-point plateau and it's expected to find additional support on Friday.

The global forecast for the Asian markets suggests mild upside with optimism over trade tempered by falling oil prices. The European markets were mixed and flat and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The Hang Seng finished sharply higher on Thursday following gains among the casinos, financials and casinos.

For the day, the index soared 669.45 points or 2.54 percent to finish at the daily high of 27,014.49 after moving as low as 26,648.77.

Among the actives, China Resources Land skyrocketed 7.16 percent, while Sands China surged 6.62 percent, Galaxy Entertainment soared 5.03 percent, Tencent Holdings spiked 4.99 percent, CNOOC jumped 3.95 percent, China Mengniu Dairy climbed 3.03 percent, Industrial and Commercial Bank of China gathered 2.80 percent, Ping An Insurance perked 2.70 percent, New World Development advanced 2.15 percent, China Petroleum and Chemical (Sinopec) rose 2.13 percent, CSPC Pharmaceutical tumbled 2.04 percent, AIA Group added 1.91 percent, China Life Insurance collected 1.68 percent, Hong Kong & China Gas gained 1.53 percent, WH Group was up 0.94 percent and China Mobile added 0.33 percent.

The lead from Wall Street is firm as stocks moved mostly higher on Thursday, with the major averages all finishing in positive territory after ending Wednesday's session mixed.

The Dow added 147.07 points or 0.57 percent to 26,145.99, while the NASDAQ gained 59.48 points or 0.75 percent to 8,013.71 and the S&P was up 15.26 points or 0.53 percent to 2,904.18.

The strength on Wall Street reflected optimism about trade following recent reports the U.S. is proposing a new round of trade talks with China in the near future.

In economic news, the Labor Department said consumer prices rose less than expected in August. The Labor Department also noted a slight drop in initial jobless claims in the week ended September 8.

Crude oil prices tumbled Thursday following reports that global oil supply reached a record high in August. Crude oil futures for October ended down $1.78 or 2.5 percent at $68.59 a barrel on the New York Mercantile Exchange.

by RTTNews Staff Writer

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