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Rebound Predicted For Hong Kong Stock Market

The Hong Kong stock market on Wednesday snapped the two-day winning streak in which it had collected more than 220 points or 0.7 percent. The Hang Seng Index now rests just beneath the 30,120-point plateau although it may bounce higher again on Thursday.

The global forecast for the Asian markets is cautiously optimistic on optimism over interest rates and a mild bump in crude oil prices. The European and U.S. markets were slightly higher and the Asian markets are tipped to follow suit.

The Hang Seng finished slightly lower on Wednesday following losses from the financials and oil and insurance companies.

For the day, the index dipped 37.94 points or 0.13 percent to finish at 30,119.56 after trading between 29,892.62 and 30,139.61.

Among the actives, China Resources Land plummeted 2.52 percent, while China Mengniu Dairy plunged 2.32 percent, WH Group tumbled 1.59 percent, Tencent Holdings soared 1.36 percent, Henderson Land spiked 1.29 percent, AAC Technologies jumped 1.22 percent, Galaxy Entertainment climbed 1.17 percent, CSPC Pharmaceutical skidded 0.98 percent, China Petroleum and Chemical (Sinopec) dropped 0.95 percent, Sands China advanced 0.93 percent, Industrial and Commercial Bank of China shed 0.85 percent, CNOOC sank 0.80 percent, AIA Group added 0.69 percent, New World Development lost 0.59 percent, Hong Kong & China Gas fell 0.53 percent, China Life Insurance slid 0.46 percent, China Mobile eased 0.32 percent, Ping An Insurance was down 0.21 percent and CITIC rose 0.17 percent.

The lead from Wall Street suggests mild upside as stocks moved slightly higher on Wednesday amid subdued buying interest.

The Dow added 6.58 points or 0.03 percent to finish at 26,157.16, while the NASDAQ gained 54.96 points or 0.69 percent to 7,964.24 and the S&P 500 rose 10.01 points or 0.35 percent to 2,888.21.

The higher close on Wall Street came after the minutes of the Federal Reserve's latest monetary policy meeting suggested the outlook for interest rates remains fluid. However, future rate decisions would depend on ongoing assessments of the economic outlook and potential risks.

In economic news, the Labor Department said that a spike in energy prices contributed to a slightly bigger than expected increase in consumer prices in March.

Crude oil futures settled higher Wednesday as a sharp decline in U.S. gasoline stocks offset a surge in crude stockpiles last week. Crude oil futures for May ended up $0.63 or 0.98 percent at $64.61 a barrel.

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