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Rally May Stall For Hong Kong Stock Market

The Hong Kong stock market has moved higher in four straight sessions, advancing more than 660 points or 2.2 percent along the way. The Hang Seng Index now rests just above the 29,460-point plateau although investors may cash in on Wednesday.

The global forecast for the Asian markets suggests little movement ahead of the FOMC interest rate decision later today. The European markets were up and the U.S. bourses were mixed and flat - and the Asian markets are tipped to follow the latter lead.

The Hang Seng finished modestly higher again on Tuesday following gains from the financial shares, properties and insurance companies.

For the day, the index added 57.27 points or 0.19 percent to finish at 29,466.28 after trading between 29,319.51 and 29,486.15.

Among the actives, WH Group surged 5.47 percent, while CSPC Pharmaceutical soared 3.30 percent, Hengan International plunged 2.25 percent, CNOOC tumbled 1.00 percent, AIA Group skidded 0.95 percent, BOC Hong Kong spiked 0.76 percent, China Resources Land dropped 0.73 percent, Ping An Insurance jumped 0.51 percent, Galaxy Entertainment climbed 0.37 percent, CITIC sank 0.34 percent, Henderson Land, AAC Technologies and Tencent Holdings all advanced 0.33 percent, China Petroleum and Chemical (Sinopec) added 0.30 percent, China Life Insurance gained 0.23 percent, China Mengniu Dairy lost 0.19 percent, Industrial and Commercial Bank of China collected 0.17 percent, New World Development rose 0.16 percent, China Mobile was up 0.12 percent and Hong Kong & China Gas fell 0.11 percent.

The lead from Wall Street offers little guidance as the major averages shook off an early spike Tuesday and finished roughly flat.

The Dow shed 26.72 points or 0.10 percent to finish at 25,887.38, while the NASDAQ added 9.47 points or 0.12 percent to 7,723.95 and the S&P 500 fell 0.37 points or 0.01 percent to 2,832.57.

The early strength on Wall Street partly reflected continued optimism about U.S.-China trade talks, although that ebbed on reports that China is pushing back against American demands.

Traders were also reluctant to make big moves ahead of the Federal Reserve's monetary policy decision later today. The Fed is widely expected to leave interest rates unchanged, although the accompanying statement may provide clues about the outlook for rates.

Crude oil futures settled marginally lower on Tuesday, as traders weighed the supply and demand situation in the market. West Texas Intermediate Crude oil futures for April ended down $0.06 or 0.1 percent at $59.03 a barrel.

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