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Higher Open Expected For Hong Kong Stock Market

The Hong Kong stock market has moved higher in two straight sessions, rising more than 225 points or 0.8 percent along the way. The Hang Seng Index now rests just above the 28,170-point plateau and it has another green light for Wednesday.

The global forecast for the Asian markets is upbeat on signs the United States government may avoid another shutdown. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The Hang Seng finished slightly higher on Tuesday following gains from the oil companies and mixed performances from the financials and properties.

For the day, the index collected 27.49 points or 0.10 percent to finish at 28,171.33 after trading between 27,983.48 and 28,219.59.

Among the actives, CSPC Pharmaceutical surged 5.45 percent, while WH Group soared 4.17 percent, AIA Group plummeted 1.88 percent, Hong Kong & China Gas spiked 1.60 percent, Sands China plunged 1.55 percent, CNOOC jumped 1.40 percent, AAC Technologies tumbled 1.18 percent, China Resources Land skidded 1.01 percent, Hang Lung Properties climbed 0.90 percent, China Mengniu Dairy advanced 0.62 percent, BOC Hong Kong dropped 0.33 percent, China Mobile added 0.30 percent, Galaxy Entertainment shed 0.18 percent, Tencent Holdings lost 0.17 percent, Ping An Insurance collected 0.13 percent, China Life Insurance gained 0.10 percent and New World Development, CITIC Limited, Industrial and Commercial Bank of China and China Petroleum and Chemical (Sinopec) all were unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Tuesday, hitting their best closing levels in two months.

The Dow climbed 372.65 points or 1.49 percent to 25,425,76, the NASDAQ jumped 106.71 points or 1.46 percent to 7,414.62 and the S&P 500 added 34.93 points or 1.29 percent to 2,744.73.

The rally on Wall Street came amid optimism lawmakers will avoid another government shutdown after negotiators reached a tentative agreement on border security. Lawmakers face a deadline of midnight Friday to pass a spending bill and avoid another government shutdown.

Optimism about this week's next round of U.S.-China trade talks also contributed to the strength on Wall Street as President Donald Trump may defer his deadline for raising tariffs.

Crude oil prices surged higher Tuesday on hopes OPEC-led production cuts and the U.S. sanctions on Iran and Venezuela will tighten crude supply in the global market. West Texas Intermediate Crude oil futures for March ended up $0.69 or 1.3 percent at $53.10 a barrel.

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