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Hong Kong Bourse May Add To Its Winnings

The Hong Kong stock market on Friday wrote a finish to the three-day slide in which it had surrendered more than 770 points or 2.8 percent. The Hang Seng Index now rests just above the 28,315-point plateau and it's looking at another green light for Monday.

The global forecast for the Asian markets is positive thanks to upbeat U.S. employment data and a bump in crude oil prices. The European and U.S. markets were higher Friday and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished modestly higher on Friday following gains from the casinos, properties and oil companies, while the insurance stocks were mixed.

For the day, the index added 133.53 points or 0.47 percent to finish at 28,315.62.

Among the actives, Galaxy Entertainment surged 2.77 percent, while CSPC Pharmaceuticals soared 2.34 percent, China Mengniu Dairy spiked 2.14 percent, China Petroleum and Chemical (Sinopec) and Sands China both jumped 1.03 percent, AIA Group climbed 0.97 percent, WH Group advanced 0.81 percent, Sun Hung Kai Properties gathered 0.67 percent, China Mobile perked 0.65 percent, China Life skidded 0.42 percent, Ping An Insurance collected 0.36 percent, CNOOC added 0.16 percent, Hong Kong & China Gas gained 0.13 percent and New World Development, Industrial and Commercial Bank of China and Henderson Land were unchanged.

The lead from Wall Street is firm as stocks opened higher Friday with the release of solid U.S. employment data and remained in the green throughout the session.

The Dow added 99.74 points or 0.41 percent to 24,456.48, the NASDAQ gained 101.96 points or 1.34 percent to 7,688.39 and the S&P 500 was up 23.21 points or 0.85 percent to 2,759.82. For the week, the Dow was up 0.8 percent, the NASDAQ added 2.4 percent and the S&P gained 1.5 percent.

The positive momentum came after the Labor Department reported that employment in the U.S. increased more than expected in June - although the jobless rate bounced higher after temporary school jobs ended for the summer.

Crude oil prices rose Friday after the U.S. oil rig count unexpectedly climbed last week. WTI light sweet oil was up 83 cents to $73.77 an ounce. Bargain hunters swooped in after oil slipped from a recent four-year high.

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