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Hong Kong Shares Tipped To End Losing Streak

The Hong Kong stock market has moved higher in consecutive trading days, sliding almost 500 points or 1.8 percent along the way. The Hang Seng Index now rests just beneath the 27,300-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is upbeat on rising oil prices and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The Hang Seng finished barely lower on Thursday following losses from the oil companies, gains from the financials and a mixed picture from the property sector.

For the day, the index slid 13.75 points or 0.05 percent to finish at 27,294.71 after trading between 26,825.35 and 27,285.80.

Among the actives, Hang Lung Properties plummeted 1.73 percent, while China Resources Land surged 1.52 percent, Henderson Land soared 1.48 percent, AAC Technologies spiked 1.43 percent, China Life Insurance plunged 1.20 percent, China Petroleum and Chemical (Sinopec) tumbled 1.17 percent, CNOOC skidded 0.96 percent, Tencent Holdings dropped 0.95 percent, Wharf Real Estate advanced 0.86 percent, Galaxy Entertainment and Hang Seng Bank both shed 0.71 percent, CSPC Pharmaceuticals added 0.52 percent, CITIC gained 0.38 percent, New World Development lost 0.34 percent, China Mengniu Dairy fell 0.33 percent, China Mobile rose 0.22 percent, Industrial and Commercial Bank of China collected 0.17 percent, BOC Hong Kong, Sun Hung Kai Properties and Sino Land all were up 0.16 percent, WH Group slid 0.13 percent, Ping An Insurance rose 0.11 percent and Sands China was unchanged.

The lead from Wall Street is positive as stocks bounced higher Thursday following two days of weakness, although the buying interest was somewhat subdued.

The Dow added 101.94 points or 0.39 percent to 26,106.77, while the NASDAQ gained 44.41 points or 0.57 percent to 7,837.13 and the S&P 500 rose 11.80 points or 0.41 percent to 2,891.64.

Continued optimism tame inflation will lead the Federal Reserve to cut interest rates contributed to the strength on Wall Street after a Labor Department report showed bigger than expected decreases in U.S. import and export prices.

Crude oil prices rebounded Thursday from five-month lows, as reports of an attack on oil tankers in the Gulf of Oman suggested a likely fall in crude supply in the international market. West Texas Intermediate Crude oil futures for July ended up $1.14 or 2.2 percent at $52.28 a barrel.

Closer to home, Hong Kong will see Q1 numbers for industrial production later today; in the three months prior, output added 0.2 percent on quarter and 1.3 percent on year.

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