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Higher Open Predicted For Hong Kong Stock Market

The Hong Kong stock market has finished higher in two straight sessions, gathering more than 150 points or 0.6 percent along the way. The Hang Seng Index now rests just above the 28,275-point plateau, and it's looking at another green light again on Friday.

The global forecast for the Asian markets is upbeat on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to follow that lead.

The Hang Seng finished barely higher on Thursday following gains from the financials, properties and oil companies.

For the day, the index added 6.36 points or 0.02 percent to finish at 28,275.07 after trading between 28,050.78 and 28,379.37.

Among the actives, China Mengniu Dairy surged 5.63 percent, while Hang Lung Properties soared 3.72 percent, AAC Technologies plunged 2.93 percent, New World Development spiked 2.60 percent, CSPC Pharmacy jumped 2.44 percent, Tencent Holdings tumbled 2.25 percent, Galaxy Entertainment skidded 1.73 percent, Sino Land climbed 1.68 percent, CNOOC gathered 1.65 percent, China Petroleum and Chemical (Sinopec) perked 1.43 percent, CITIC advanced 1.30 percent, Industrial and Commercial Bank of China collected 1.28 percent, Henderson Land added 1.04 percent, China Mobile shed 0.84 percent, Ping An Insurance added 0.68 percent, AIA Group fell 0.52 percent, BOC Hong Kong gained 0.46 percent, Hong Kong & China Gas rose 0.42 percent, WH Group was up 0.39 percent, China Life Insurance slid 0.21 percent and Techtronic Industries eased 0.10 percent.

The lead from Wall Street remains positive as stocks moved mostly higher on Thursday, extending recent gains and offsetting Monday's steep drop.

The Dow added 214.66 points or 0.84 percent to 25,862.68, while the NASDAQ gained 75.90 points or 0.97 percent to 7,898.05 and the S&P 500 rose 25.36 points or 0.89 percent to 2,876.32.

The strength on Wall Street reflected solid earnings news from companies like Walmart (WMT) and networking giant Cisco Systems (CSCO), who both beat the street.

In economic news, the Labor Department said initial jobless claims dropped more than expected last week, while the Commerce Department noted a substantial increase in new residential construction in April.

Crude oil prices climbed to a two-week high on Thursday, extending recent gains amid concerns about supply disruptions due to an escalation in tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended up $0.85 or 1.4 percent at $62.87 a barrel.

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