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Hong Kong Bourse May Extend Tuesday's Gains

The Hong Kong stock market has finished higher in two of three volatile sessions since the end of the two-day slide in which it had given up more than 550 points or 2.5 percent. The Hang Seng Index now rests just above the 22,660-point plateau and it's called higher again on Wednesday.

The global forecast for the Asian markets is broadly positive on optimism that a massive stimulus bill from the U.S. Congress is close at hand. The European and U.S. markets finished with huge gains and the Asian bourses are now tipped to open in the green.

The Hang Seng finished with big gains across the board following the heavy selling in the previous sessions - especially among the casinos, properties and financials.

For the day, the index surged 967.36 points or 4.46 percent to finish at 22,663.49 after trading between 22,383.25 and 22,753.01.

Among the actives, WH Group skyrocketed 10.74 percent, while Techtronic Industries surged 9.78 percent, Galaxy Entertainment soared 7.86 percent, CSPC Pharmaceutical spiked 7.54 percent, Sands China accelerated 7.53 percent, AAC Technologies jumped 7.23 percent, China Resources Land climbed 6.53 percent, China Mobile gathered 6.09 percent, New World Development perked 5.65 percent, Power Assets advanced 5.38 percent, China Life Insurance gained 5.20 percent, CNOOC rose 5.17 percent, Tencent Holdings jumped 4.94 percent, CITIC and Sun Hung Kai Properties both climbed 4.81 percent, China Mengniu Dairy advanced 4.38 percent, Industrial and Commercial Bank of China collected 4.03 percent, AIA Group added 3.90 percent, Ping An Insurance gained 3.67 percent, Hong Kong & China Gas rose 3.34 percent, BOC Hong Kong increased 3.19 percent and China Petroleum and Chemical (Sinopec) and Henderson Land were both up 0.88 percent.

The lead from Wall Street suggests major upside as stocks skyrocketed on Tuesday, cutting into the losses suffered in recent weeks due to concerns over the coronavirus.

The Dow skyrocketed 2,112.98 points or 11.37 percent to end at 20,704.91, while the NASDAQ soared 557.18 points or 8.12 percent to 7,417.86 and the S&P 500 surged 209.93 points or 9.3 percent to 2,447.33.

The rally on Wall Street came amid indications Democrats and Republicans are closing in on an agreement on a massive fiscal stimulus bill. Democrats are still pushing for increased oversight of a proposed $500 billion bailout fund to help industries that are struggling amid the coronavirus outbreak.

Traders were also reacting to President Donald Trump's comments suggesting the coronavirus-related shutdown of much of the country could end sooner than many anticipated - although that flies in contrast to what most health experts say.

Crude oil prices were higher Tuesday, extending gains from the previous session thanks to the Federal Reserve's massive asset-buying scheme. Optimism for a $2 trillion fiscal stimulus bill added to the positive sentiment. West Texas Intermediate Crude oil futures for May ended up $0.65 or 2.8 percent at $24.01 a barrel.

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