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Higher Open Predicted For Hong Kong Stock Market

Ahead or Wednesday's holiday for the Mid-Autumn Festival, the Hong Kong stock market had moved higher in two of three trading days since the end of the four-day losing streak in which it had plummeted more than 1,530 points or 6 percent. The Hang Seng Index now sits just beneath the 24,220-point plateau and it's tipped to open in the green again on Thursday.

The global forecast for the Asian markets is upbeat, riding a surge in crude oil prices. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished modestly higher on Tuesday following gains from the property stocks, casinos and oil companies.

For the day, the index advanced 122.40 points or 0.51 percent to finish at 24,221.54 after trading between 23,771.46 and 24,284.87.

Among the actives, AAC Technologies retreated 1.65 percent, while AIA Group surged 5.97 percent, Alibaba Group tumbled 1.85 percent, Alibaba Health Info dropped 1.03 percent, ANTA Sports gathered 1.68 percent, China Life Insurance collected 0.64 percent, China Mengniu Dairy sank 1.22 percent, China Petroleum and Chemical (Sinopec) added 1.05 percent, China Resources Land soared 4.86 percent, CITIC declined 1.53 percent, CNOOC lost 0.38 percent, Country Garden skyrocketed 6.21 percent, CSPC Pharmaceutical gained 0.96 percent, Galaxy Entertainment accelerated 3.47 percent, Hang Lung Properties perked 1.42 percent, Henderson Land rallied 2.07 percent, Hong Kong & China Gas fell 0.33 percent, Li Ning increased 0.21 percent, Longfor rose 0.80 percent, Meituan skidded 1.71 percent, New World Development jumped 1.81 percent, Sands China spiked 3.98 percent, Sun Hung Kai Properties climbed 1.69 percent, Techtronic Industries shed 0.88 percent, Xiaomi Corporation advanced 1.32 percent, WuXi Biologics was up 0.16 percent and Industrial and Commercial Bank of China was unchanged.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and remained in the green throughout the session.

The Dow spiked 3.38 points or 1.00 percent to finish at 34,258.32, while the NASDAQ jumped 150.45 points or 1.02 percent to end at 14,896.85 and the S&P 500 perked 41.45 points or 0.95 percent to close at 4.395.64.

The early rally on Wall Street came as traders picked up stocks at reduced levels following the slump seen during the month of September.

Stocks held on to strong gains even as the Federal Reserve hinted tapering of its asset purchases could begin in the near future amid continued progress towards it goals of maximum employment and price stability.

During his post-meeting press conference, Fed Chair Jerome Powell indicated the central bank could begin tapering its asset purchases as soon as its next meeting in early November.

Crude oil prices climbed on Wednesday after data showed a larger than expected drop in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures for November ended up $1.74 or 2.5 percent at $72.23 a barrel.

Closer to home, Hong Kong will provide Q2 numbers for its current account later today; in the three months prior, the current account surplus was HKD59.8 billion.

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