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Hang Seng May Challenge Resistance At 29,000 Points

The Hong Kong stock market has climbed higher in two straight sessions, accelerating almost 700 points or 2.5 percent along the way. The Hang Seng Index now rests just above the 28,920-point plateau and it's looking at another green light again on Wednesday.

The global forecast for the Asian markets is cautiously optimistic on an upbeat outlook for interest rates and mild upside in crude oil prices. The European and U.S. markets were mixed and the Asian markets are tipped to inch higher.

The Hang Seng finished sharply higher on Tuesday following gains from the financials, properties, casinos and oil and insurance companies.

For the day, the index soared 417.57 points or 1.46 percent to finish at 28,920.87 after trading between 28,734.09 and 28,941.09.

Among the actives, WH Group skyrocketed 6.46 percent, while China Resources Land surged 3.67 percent, Ping An Insurance soared 2.10 percent, China Petroleum and Chemical (Sinopec) spiked 2.01 percent, China Mobile jumped 1.99 percent, CSPC Pharmaceutical climbed 1.94 percent, China Life Insurance gathered 1.91 percent, AIA Group perked 1.76 percent, Industrial and Commercial Bank of China collected 1.69 percent, Galaxy Entertainment advanced 1.46 percent, New World Development added 1.29 percent, China Mengniu Dairy sank 1.00 percent, CNOOC rose 0.91 percent, Sands China gained 0.80 percent, BOC Hong Kong was up 0.77 percent, Hong Kong & China Gas added 0.55 percent and CITIC rose 0.51 percent.

The lead from Wall Street is inconsistent as the major averages moved in opposite directions on Tuesday.

The Dow shed 96.22 points or 0.38 percent to finish at 25,554.66, while the NASDAQ rose 32.97 points or 0.44 percent to 7,591.03 and the S&P added 8.22 points or 0.30 percent to 2,791.52.

The loss posted by the Dow was largely due to a continued decline by Boeing (BA) after the European Union, China, the U.K. and other countries grounded the company's 737 MAX jets following the second crash in less than six months.

Meanwhile, the broader markets benefited from the release of tame inflation data, which suggests the Federal Reserve will continue to refrain from raising interest rates in the near future.

Crude oil futures ended slightly higher on Tuesday, with traders looking ahead to the weekly inventory data. West Texas Intermediate Crude oil futures for April added $0.08 or 0.1 percent at $56.87 a barrel.

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