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Hong Kong Stock Market Has A Green Light For Tuesday's Trade

The Hong Kong stock market has moved higher in two straight sessions, accelerating more than1,200 points or 4.8 percent along the way. The Hang Seng Index now rests beneath the 26,340-point plateau and it's tipped to open higher again on Tuesday.

The global forecast for the Asian markets is upbeat on continued optimism for economic recovery from the coronavirus pandemic, despite a rebound by the virus. The European and U.S. markets were sharply higher and the Asian bourses also figure to open in the green.

The Hang Seng finished sharply higher on Monday following gains from the financials, properties, casinos and oil and insurance companies.

For the day, the index spiked 966.04 points or 3.81 percent to finish at 26,339.16 after trading between 25,543.15 and 26,453.61.

Among the actives, China Life Insurance skyrocketed 14.36 percent, while AAC Technologies surged 9.84 percent, Country Garden Holdings soared 7.51 percent, CITIC spiked 6.70 percent, WH Group accelerated 6.63 percent, Ping An Insurance rallied 6.23 percent, China Mobile jumped 6.04 percent, China Resources Land climbed 5.86 percent, Industrial and Commercial Bank of China collected 5.49 percent, BOC Hong Kong gathered 4.38 percent, China Mengniu Dairy perked 4.32 percent, AIA Group advanced 3.27 percent, China Petroleum and Chemical (Sinopec) added 3.25 percent, Sands China gained 2.37 percent, CNOOC rose 2.11 percent, CSPC Pharmaceutical increased 2.03 percent, Hong Kong & China Gas was up 1.16 percent, Tencent Holdings lost 0.86 percent, Galaxy Entertainment added 0.46 percent and CLP Holdings was unchanged.

The lead from Wall Street is broadly positive as stocks opened Monday with a strong move to the upside and remained in the green throughout the session, extending last week's gains.

The Dow jumped 459.67 points or 1.78 percent to finish at 26,2187.03, while the NASDAQ spiked 226.02 points or 2.21 percent to end at 10,433.65 and the S&P 500 climbed 49.71 points or 1.59 percent to close at 3,179.72.

Strength in overseas has carried over to Wall Street, as Chinese shares skyrocketed on the day amid positive commentary on the market from state media. China's Securities Times said fostering a healthy bull market after the pandemic is now more important to the economy than ever.

Traders also remain generally optimistic about the U.S. economic outlook following last Thursday's better than expected jobs data. Then on Monday, the Institute for Supply Management reported a substantial turnaround in U.S. service sector activity in June.

Investors also weighed developments on the coronavirus vaccine front following reports that the U.K. is closing in on a $624 million supply deal with Sanofi and GlaxoSmithKline for 60 million doses of a potential vaccine.

Crude oil futures settled slightly lower Monday as traders weighed energy demand prospects and fears of another lockdown amid a surge in new coronavirus cases across the globe. West Texas Intermediate crude oil futures for August ended down $0.02 at $40.63 a barrel.

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