Hong Kong Investors May Lock In Gains On Tuesday

The Hong Kong stock market has climbed higher in three straight sessions, surging more than 1,350 points or 5.7 percent along the way. The Hang Seng Index now sits just above the 25,325-point plateau although it's due for profit taking on Tuesday.

The global forecast for the Asian markets is murky, with interest rate concerns offset by support from crude oil prices. The European markets were mostly higher and the U.S. bourses were down and the Asian markets figure to split the difference.

The Hang Seng finished sharply higher on Monday following gains from the financials, casinos and technology stocks, while the properties were soft.

For the day, the index soared 487.24 points or 1.96 percent to finish at 25,325.09 after trading between 25,161.80 and 25,437.16.

Among the actives, AAC Technologies rallied 0.63 percent, while AIA Group tumbled 1.50 percent, Alibaba Group surged 7.91 percent, Alibaba Health Info added 0.35 percent, ANTA Sports plummeted 4.49 percent, China Life Insurance spiked 2.37 percent, China Mengniu Dairy lost 0.42 percent, China Petroleum and Chemical (Sinopec) climbed 0.75 percent, China Resources Land surrendered 1.42 percent, Country Garden soared 3.28 percent, CSPC Pharmaceutical advanced 0.55 percent, Galaxy Entertainment jumped 1.00 percent, Hang Lung Properties sank 0.79 percent, Henderson Land retreated 1.08 percent, Hong Kong & China Gas declined 1.19 percent, Industrial and Commercial Bank of China fell 0.23 percent, Li Ning plunged 1.98 percent, Longfor shed 0.43 percent, Meituan skyrocketed 8.36 percent, New World Development skidded 1.32 percent, Sands China gained 0.25 percent, Sun Hung Kai Properties dropped 0.59 percent, Techtronic Industries tanked 1.92 percent, Xiaomi Corporation accelerated 2.36 percent, WuXi Biologics rose 0.09 percent and CITIC and CNOOC were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Monday but faded as the day progressed and ended firmly in the red.

The Dow dropped 250.19 points or 0.72 percent to finish at 34,496.06, while the NASDAQ sank 93.34 points or 0.64 percent to close at 14,486.20 and the S&P 500 lost 30.15 points or 0.69 percent to end at 4,361.19.

Lingering concerns about the Federal Reserve scaling back its asset purchases weighed on Wall Street, as last Friday's disappointing job report is not seen as likely to dissuade the central bank from tapering.

Trading activity was somewhat subdued, however, as some traders remained away from their desks for Columbus Day, also known as Indigenous Peoples' Day.

Crude oil futures spiked Monday with falling inventories, the OPEC decision to stick with a gradual production increase, and the ongoing energy crunch supporting oil prices. West Texas Intermediate Crude oil futures for November rose $1.17 or 1.5 percent to $80.52 a barrel.

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