Plus   Neg

Hong Kong Bourse Tipped To Open Higher

The Hong Kong stock market has finished higher in three straight sessions, advancing more than 800 points or 3 percent along the way. The Hang Seng Index now rests just beneath the 27,580-point plateau and it's got another green light for Tuesday's trade.

The global forecast for the Asian markets is firm on easing trade tensions between the United States and Mexico. The European and U.S. bourses were up and the Asian markets are tipped to follow that lead.

The Hang Seng finished sharply higher on Monday with gains across the board - especially from the casinos and oil and insurance companies.

For the day, the index surged 613.36 points or 2.27 percent to finish at 27,578.64 after trading between 27,155.03 and 27,583.77.

Among the actives, Galaxy Entertainment skyrocketed 7.16 percent, while Sands China surged 6.72 percent, CNOOC spiked 4.93 percent, WH Group jumped 4.71 percent, AAC Technologies climbed 4.29 percent, Tencent Holdings gathered 3.81 percent, China Mengniu Dairy perked 3.63 percent, China Life Insurance accelerated 3.40 percent, AIA Group advanced 2.69 percent, Ping An Insurance added 2.29 percent, Industrial and Commercial Bank of China collected 1.97 percent, China Petroleum and Chemical (Sinopec) gained 1.96 percent, CSPC Pharmaceutical rose 1.74 percent, CITIC was up 1.14 percent, New World Development perked 0.84 percent, Hong Kong & China Gas added 0.71 percent and China Mobile fell 0.50 percent.

The lead from Wall Street is positive as stocks opened sharply higher Monday, faded a bit in the afternoon but still finished firmly in the green.

The Dow added 78.74 points or 0.30 percent to 26,062.68, while the NASDAQ gained 81.07 points or 1.05 percent to 7,823.17 and the S&P 500 rose 13.39 points or 0.47 percent to 2,886.73.

The morning rally came in reaction to news the U.S. and Mexico have reached an agreement to avert President Donald Trump's threatened tariffs on all Mexican imports.

Trump also said that existing tariffs on Chinese imports will force China to make a deal and threatened to impose more tariffs if Chinese President Xi Jinping does not attend a planned meeting at the G-20 summit later this month.

Crude oil futures ended lower Monday as concerns over near term energy demand outweighed prospects of a likely extension of production cuts by OPEC. West Texas Intermediate Crude oil futures for July ended down $0.73 or 1.4 percent at $53.26 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT