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Win Streak Likely To Continue For Hong Kong Shares

Ahead of Friday's holiday for the Dragon Boat Festival, the Hong Kong stock market had moved higher in consecutive trading days, advancing more than 200 points or 0.8 percent along the way. The Hang Seng Index now rests just above the 26,965-point plateau and it's got another firm lead for Monday's trade.

The global forecast for the Asian markets is positive on an improved outlook for interest rates and a surge in crude oil prices. The European and U.S. markets were up on Friday and the Asian markets are tipped to follow that lead.

The Hang Seng finished modestly higher on Thursday following gains from the insurance companies and mixed performances from the properties, casinos and oil companies.

For the day, the index picked up 69.88 points or 0.26 percent to finish at 26,965.28 after trading between 26,837.67 and 26,984.02.

Among the actives, Sino Land surged 2.06 percent, while Sun Hung Kai Properties soared 1.85 percent, CNOOC plummeted 1.78 percent, Henderson Land plunged 1.69 percent, China Petroleum and Chemical (Sinopec) tumbled 0.97 percent, New World Development spiked 0.85 percent, BOC Hong Kong collected 0.83 percent, AIA Group climbed 0.75 percent, Sands China advanced 0.72 percent, WH Group dropped 0.69 percent, AAC Technologies shed 0.61 percent, Hong Kong & China Gas added 0.36 percent, Galaxy Entertainment lost 0.32 percent, Techtronic Industries gained 0.29 percent, China Mobile rose 0.21 percent, Tencent Holdings fell 0.18 percent, Ping An Insurance was up 0.18 percent, CSPC Pharmaceutical gathered 0.17 percent, China Life gathered 0.12 percent and CITIC and Industrial and Commercial Bank of China were unchanged.

The lead from Wall Street is solid as stocks extended recent gains, moving sharply higher on Friday.

The Dow climbed 263.28 points or 1.02 percent, while the NASDAQ spiked 126.55 points or 1.66 percent to 7,742.10 and the S&P 500 rose 29.85 points or 1.05 percent to 2,873.34. For the week, the Dow surged 4.7 percent, the NASDAQ jumped 3.9 percent and the S&P was up 4.4 percent.

The continued strength on Wall Street reflected optimism that disappointing U.S. jobs data could spur the Federal Reserve to lower interest rates in the near future. The Labor Department's closely watched monthly jobs report showed a substantial slowdown in the pace of U.S. job growth in May.

Stocks remained firmly positive after President Donald Trump said there is a good chance the U.S. and Mexico will reach an agreement to avert his threatened 5 percent tariff on all Mexican imports.

Crude oil futures ended sharply higher for a second straight session on Friday, amid signs OPEC will extend output cuts beyond June. West Texas Intermediate crude oil futures for July ended up $1.40 or 2.7 percent at $53.99 a barrel.

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