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Higher Open Projected For Hong Kong Stock Market

Ahead of the long Easter holiday weekend, the Hong Kong stock market had bounced higher again - one session after halting the three-day winning streak in which it had advanced almost 680 points or 2.5 percent. The Hang Seng Index now sits just above the 28,510-point plateau and it figures to open higher on Wednesday as it catches up on missed positive sentiment.

The global forecast for the Asian markets is mixed and fairly flat amid a lack of strong catalysts. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The Hang Seng finished sharply higher on Thursday following gains from the properties, casinos and technology and oil stocks.

For the day, the index surged 560.39 points or 1.97 percent to finish at the daily high of 28,938.74 after trading as low as 28,511.65.

Among the actives, AAC Technologies advanced 0.89 percent, while AIA Group rose 0.64 percent, Alibaba Group rallied 2.55 percent, Alibaba Health Info soared 5.23 percent, ANTA Sports spiked 3.00 percent, China Life Insurance strengthened 0.50 percent, China Mengniu Dairy gathered 1.01 percent, China Petroleum and Chemical (Sinopec) gained 0.72 percent, China Resources Land tumbled 1.20 percent, CITIC was up 0.14 percent, CNOOC shed 0.25 percent, CSPC Pharmaceutical eased 0.11 percent, Galaxy Entertainment jumped 1.86 percent, Hang Lung Properties perked 0.99 percent, Henderson Land fell 0.14 percent, Hong Kong & China Gas tanked 1.46 percent, Industrial and Commercial Bank of China sank 0.36 percent, Longfor plummeted 2.04 percent, Meituan skyrocketed 9.26 percent, New World Development collected 0.62 percent, Sands China added 0.77 percent, Techtronic Industries climbed 1.13 percent, Xiaomi Corporation accelerated 2.72 percent, WuXi Biologics surged 7.96 percent and Sun Hung Kai Properties and CK Infrastructure were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages opened lower but then spent the day bouncing back and forth across the unchanged line before eventually closing slightly in the red.

The Dow shed 96.95 points or 0.29 percent to finish at 33,430.24, while the NASDAQ dipped 7.21 points or 0.05 percent to end at 13,698.38 and the S&P 500 eased 3.97 points or 0.10 percent to close at 4,073.94.

The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength.

Meanwhile, traders largely shrugged off news the International Monetary Fund raised its global growth projections for this year and next, citing huge fiscal stimulus in some big economies and a vaccine-driven recovery in the future.

Crude oil prices moved higher on Tuesday, riding a weaker U.S. dollar. West Texas Intermediate Crude oil futures for May ended higher by $0.68 or 1.2 percent at $59.33 a barrel.

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