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Hong Kong Shares Predicted To Open In The Green

The Hong Kong stock market bounced higher again on Wednesday, one session after it had halted the two-day winning streak in which it had skyrocketed more than 1,200 points or 4.8 percent. The Hang Seng Index now rests just beneath the 26,130-point plateau and it's expected to open higher again on Thursday.

The global forecast for the Asian markets is cautiously optimistic, with optimism for economic recovery tempered by renewed coronavirus fears. The European markets were down and the U.S. markets were up and the Asian markets figure to split the difference.

The Hang Seng finished modestly higher on Wednesday following gains from the insurance companies, weakness from the casinos and mixed performances from the oil stocks and properties.

For the day, the index jumped 153.52 points or 0.59 percent to finish at 26,129.18 after trading between 25,849.78 and 26,299.84.

Among the actives, China Life Insurance skyrocketed 6.99 percent, while China Mengniu Dairy surged 6.02 percent, Tencent Holdings soared 5.23 percent, AAC Technologies spiked 4.31 percent, Hang Lung Properties accelerated 4.29 percent, Wharf Real Estate plummeted 2.94 percent, Ping An Insurance rallied 2.29 percent, WH Group plunged 1.63 percent, China Resources Land jumped 1.60 percent, Galaxy Entertainment tumbled 1.59 percent, BOC Hong Kong skidded 1.43 percent, Country Garden Holdings retreated 1.09 percent, Sands China declined 0.96 percent, Techtronic Industries climbed 0.83 percent, China Petroleum and Chemical (Sinopec) advanced 0.58 percent, China Mobile dropped 0.53 percent, CNOOC sank 0.45 percent, CSPC Pharmaceutical added 0.40 percent, Power Assets shed 0.34 percent, CLP Holdings lost 0.26 percent, AIA Group gained 0.26 percent, CITIC fell 0.25 percent, Hong Kong & China Gas eased 0.17 percent and Industrial and Commercial Bank of China was unchanged.

The lead from Wall Street is positive as stocks fluctuated early Wednesday before moving firmly to the upside as the day progressed.

The Dow gained 177.10 points or 0.68 percent to finish at 26,067.28, while the NASDAQ spiked 148.61 points or 1.44 percent to end at 10,492.50 and the S&P 500 collected 24.62 points or 0.78 percent to close at 3,169.94.

The choppy trading seen for much of the session came amid relatively light volume, with a lack of major U.S. economic news keeping traders on the sidelines.

The NASDAQ continued to benefit from strong gains by tech giants like Apple (AAPL), which surged 2.3 percent after Deutsche Bank raised its price target on the company's stock. Gains by Amazon (AMZN), Netflix (NFLX) and Facebook (FB) also helped lift the tech-heavy index to a new record closing high.

Crude oil prices rose Wednesday as a slightly higher demand forecast for next year by the Energy Information Administration helped offset a sharp jump in crude inventories last week. West Texas Intermediate Crude oil futures for August ended up $0.28 or 0.7 percent at $40.90 a barrel.

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