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Higher Open Tipped For Hong Kong Stock Market

The Hong Kong stock market on Tuesday wrote a finish to the three-day losing streak in which it had plummeted more than 540 points or 2 percent. The Hang Seng Index now rests just above the 27,580-point plateau and it's got another positive lead for Wednesday's trade.

The global forecast for the Asian markets suggests mild upside, thanks to a rebound in crude oil prices. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

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

For the day, the index jumped 342.54 points or 1.26 percent to finish at 27,583.88 after trading between 27,436.99 and 27,674.81.

Among the actives, Techtronic Industries surged 3.14 percent, while Galaxy Entertainment soared 2.54 percent, China Resources Land accelerated 2.45 percent, Hengan International tumbled 2.26 percent, Tencent Holdings spiked 2.10 percent, Sands China jumped 2.09 percent, Industrial and Commercial Bank of China collected 2.03 percent, CITIC climbed 1.85 percent, BOC Hong Kong gathered 1.67 percent, WH Group perked 1.51 percent, AAC Technologies advanced 1.46 percent, AIA Group added 1.26 percent, CNOOC gained 1.15 percent, China Mengniu Dairy skidded 0.99 percent, China Life Insurance rose 0.83 percent, Ping An Insurance increased 0.71 percent, China Mobile shed 0.60 percent, China Petroleum and Chemical (Sinopec) was up 0.48 percent, New World Development added 0.39 percent, Hong Kong & China Gas gained 0.27 percent and CSPC Pharmaceutical rose 0.10 percent.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Tuesday but faded as the day progressed, finally ending mixed but little changed.

The Dow eased 0.48 points or 0.01 percent to 29,276.34, while the NASDAQ added 10.55 points or 0.11 percent to 9,638.94 and the S&P 500 rose 5.66 points or 0.17 percent to 3,357.75.

The early upward move on Wall Street came as traders continued to shrug off concerns about the economic impact of the deadly coronavirus outbreak.

Federal Reserve Chairman Jerome Powell said during testimony before the House Financial Services Committee that the central bank is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Crude oil prices edged higher Tuesday, rebounding from recent losses on reports the number of new cases coronavirus cases is slowing down. West Texas Intermediate crude oil futures for March ended up $0.37 or 0.8 percent at $49.94 a barrel.

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