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Hong Kong Stock Market Has Positive Lead

The Hong Kong stock market has finished higher in back-to-back trading days, advancing more than 320 points or 1.3 percent along the way. The Hang Seng Index now rests just above the 24,640-point plateau and it's expected to open higher again on Tuesday.

The global forecast for the Asian markets is mixed to higher, with strength from the technology stocks likely capped by weakness from the oil companies. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.

The Hang Seng finished modestly higher on Monday as gains from the technology companies were capped by weakness from the financials and oil companies.

For the day, the index added 136.97 points or 0.56 percent to finish at 24,640.28 after trading between 24,556.52 and 24,750.95.

Among the actives, Techtronic Industries surged 4.16 percent, while Tencent Holdings soared 2.62 percent, AAC technologies spiked 2.52 percent, CSPC Pharmaceutical accelerated 1.30 percent, China Mobile jumped 1.22 percent, Galaxy Entertainment plunged 1.00 percent, Wharf Real Estate tanked 0.79 percent, Hang Lung Properties climbed 0.75 percent, Industrial and Commercial Bank of China tumbled 0.70 percent, China Petroleum and Chemical (Sinopec) skidded 0.59 percent, Ping An Insurance collected 0.55 percent, China Mengniu Dairy retreated 0.54 percent, Hong Kong & China Gas declined 0.52 percent, CITIC advanced 0.45 percent, China Resources Land added 0.43 percent, WH Group and Sun Hung Kai Properties both gained 0.30 percent, Sands China sank 0.30 percent, New World Development dropped 0.26 percent, CNOOC shed 0.25 percent, BOC Hong Kong lost 0.22 percent, Sino Land rose 0.21 percent, AIA Group increased 0.19 percent, Power Assets Holdings fell 0.12 percent and China Life Insurance was unchanged.

The lead from Wall Street is broadly positive as stocks showed a strong move to the upside on Monday, regaining some ground after taking heavy damage last week.

The Dow spiked 327.69 points or 1.18 percent to finish at 27,993.33, while the NASDAQ jumped 203.11 points or 1.25 percent to end at 11,056.65 and the S&P 500 gained 42.57 points or 1.27 percent to close at 3,383.54.

The rally on Wall Street partly reflected a rebound by technology stocks, which recovered after leading the markets lower last week. Apple (AAPL) has been a key driver of the markets in recent sessions and advanced by 3 percent after ending the previous session at its lowest closing level in a month.

Positive sentiment was also generated in reaction to news that AstraZeneca (AZN) has resumed a late-stage clinical trial of its coronavirus vaccine.

Crude oil futures settled lower Monday, extending recent losses amid rising concerns about outlook for energy demand after OPEC lowered its oil demand forecast. West Texas Intermediate Crude oil futures for October ended down $0.07 or 0.2 percent at $37.26 a barrel.

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