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Higher Open Called For Hong Kong Stock Market

The Hong Kong stock market has moved higher in two of three trading days since the end of the two-day losing streak in which it had stumbled almost 320 points or 1.1 percent. The Hang Seng Index now rests just beneath the 30,130-point plateau and it's predicted to open in the green again on Wednesday.

The global forecast for the Asian markets is upbeat on positive earnings news and support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

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

For the day, the index advanced 319.15 points or 1.07 percent to finish at 30,129.87 after trading between 29,665.11 and 30,142.86.

Among the actives, Industrial and Commercial Bank of China surged 3.08 percent, while China Life Insurance soared 3.07 percent, Ping An Insurance spiked 2.32 percent, CSPC Pharmaceutical jumped 1.40 percent, Tencent Holdings climbed 1.39 percent, AAC Technologies tumbled 1.33 percent, AIA Group gathered 1.13 percent, CNOOC perked 1.09 percent, WH Group advanced 0.69 percent, CITIC added 0.68 percent, Sun Hung Kai Properties dropped 0.67 percent, Henderson Land gained 0.40 percent, China Mobile rose 0.39 percent, Sands China sank 0.35 percent, Galaxy Entertainment lost 0.34 percent, New World Development was up 0.30 percent, Hong Kong & China Gas fell 0.21 percent, China Petroleum and Chemical (Sinopec) dipped 0.16 percent, BOC Hong Kong collected 0.14 percent and Wharf Real Estate was unchanged.

The lead from Wall Street suggests mild upside as stocks fluctuated on Tuesday but managed to finish in the green.

The Dow added 67.89 points or 0.26 percent to 26,452.66, while the NASDAQ gained 24.21 points or 0.30 percent to 8,000.23 and the S&P 500 rose 1.48 points or 0.05 percent to 2,907.06.

Early buying interest was generated in reaction to solid earnings news from Dow components Johnson & Johnson (JNJ) and UnitedHealth (UNH).

The buying interest was offset by Federal Reserve report showing industrial production unexpectedly fell in March. Also, the National Association of Home Builders noted a modest improvement in U.S. homebuilder confidence in April.

Crude oil prices moved higher on Tuesday amid prospects of tight supply conditions in the market. West Texas Intermediate Crude oil futures for May ended up $0.65 or 1 percent at $64.05 a barrel.

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