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Win Streak May Continue For Hong Kong Bourse

The Hong Kong stock market has climbed higher in three straight sessions, accelerating almost 900 points or 3.3 percent along the way. The Hang Seng Index now rests just beneath the 27,550-point plateau and it's expected to open higher again on Tuesday.

The global forecast for the Asian markets is upbeat on growing optimism that a trade deal between the United States and China will soon be reached. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The Hang Seng finished sharply higher on Monday following gains from the financial shares, property stocks, casinos and oil and insurance companies.

For the day, the index soared 446.54 points or 1.65 percent to finish at the daily high of 27,547.30 after moving as low as 27,299.46.

Among the actives, CSPC Pharmaceutical skyrocketed 4.94 percent, while AIA Group surged 3.33 percent, CNOOC soared 2.51 percent, BOC Hong Kong spiked 2.03 percent, Industrial and Commercial Bank of China collected 1.93 percent, Sands China and China Resources Land both accelerated 1.92 percent, Tencent Holdings jumped 1.87 percent, WH Group climbed 1.77 percent, Galaxy Entertainment gathered 1.75 percent, Ping An Insurance perked 1.63 percent, China Mengniu Dairy advanced 1.42 percent, CITIC added 1.35 percent, China Petroleum and Chemical (Sinopec) gained 1.33 percent, China Life Insurance rose 1.22 percent, New World Development increased 0.89 percent, Hong Kong & China Gas was up 0.52 percent, China Mobile eased 0.08 percent and AAC Technologies was unchanged.

The lead from Wall Street is positive as stocks opened higher Monday and stayed in the green, extending recent gains and hitting record closing highs.

The Dow added 114.75 points or 0.42 percent to 27,462.11, while the NASDAQ rose 46.80 points or 0.56 percent to 8,433.20 and the S&P 500 gained 11.36 points or 0.37 percent to 3,078.27.

The strength on Wall Street came as traders remain hopeful about a U.S.-China trade agreement, with Commerce Secretary Wilbur Ross expressing optimism phase one of a trade deal could be signed this month.

News on the merger-and-acquisition front also generated some positive sentiment, with shares of Wright Medical Group (WMGI) soaring after the medical device maker agreed to be acquired by larger rival Stryker (SYK) for $30.75 per share in cash.

Crude for December delivery moved higher on Monday, adding to recent gains on renewed optimism about the outlook for global demand. West Texas Intermediate climbed $0.45 or 0.80 percent to $56.68 per barrel.

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