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Hong Kong Stock Market Has A Green Light

The Hong Kong stock market on Monday snapped the four-day slide in which it had stumbled more than 800 points or 3.4 percent. The Hang Seng Index now sits just above the 23,940-point plateau and it's tipped to move higher again on Tuesday.

The global forecast for the Asian markets is broadly positive on optimism for a possible vaccine to counter the Covid-19 virus. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.

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

For the day, the index advanced 137.30 points or 0.58 percent to finish at 23,934.77 after trading between 23,722.17 and 23,952.05.

Among the actives, CNOOC skyrocketed 7.84 percent, while AAC Technologies plummeted 6.21 percent, China Petroleum and Chemical (Sinopec) surged 3.98 percent, CK infrastructure tumbled 3.25 percent, Techtronic Industries soared 2.03 percent, WH Group spiked 1.76 percent, Power Assets skidded 1.59 percent, Sands China jumped 1.51 percent, China Mobile climbed 1.33 percent, CSPC Pharmaceutical gathered 1.03 percent, China Resources Land perked 1.00 percent, Galaxy Entertainment advanced 1.00 percent, China Mengniu Dairy added 0.71 percent, CITIC gained 0.69 percent, Industrial and Commercial Bank of China collected 0.60 percent, Tencent Holdings rose 0.43 percent, Hong Kong & China Gas increased 0.29 percent, Ping An Insurance was up 0.19 percent, China Life Insurance gained 0.13 percent, AIA Group rose 0.07 percent and New World Development was unchanged.

The lead from Wall Street is upbeat as stocks opened sharply higher on Monday and gathered even more steam as the session progressed, cutting into last week's losses.

The Dow surged 911.95 points or 3.85 percent to finish at 24,597.37, while the NASDAQ jumped 220.27 points or 2.44 percent to 9.234.83 and the S&P 500 spiked 90.21 points or 3.15 percent to end at 2,953.91.

The rally on Wall Street came after Moderna (MRNA) reported "positive" phase one results for a potential coronavirus vaccine. Shares of the firm spiked 20 percent after the bio-tech company said an early-stage human trial for a vaccine produced antibodies in all 45 participants.

Energy stocks also saw substantial strength on the day as crude oil prices moved higher on Monday on easing worries about outlook for energy demand. West Texas Intermediate crude oil futures for June ended up $2.39 or 8.1 percent at $31.82 a barrel.

Closer to home, Hong Kong will provide April figures for unemployment later today, with forecasts suggesting a jobless rate of 4.5 percent - up from 4.2 percent in March.

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