logo
  

Higher Open Anticipated For Hong Kong Stock Market

The Hong Kong stock market bounced higher again on Friday, one session after snapping the three-day winning streak in which it had surged more than 1,350 points or 5.7 percent. The Hang Seng Index now sits just above the 25,330-point plateau and it's looking at another green light again for Monday's trade.

The global forecast for the Asian markets is upbeat on solid earnings news and continued support from crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The Hang Seng finished sharply higher on Friday following gains from the properties and technology stocks, while the casinos and oil companies were mixed.

For the day, the index surged 368.37 points or 1.48 percent to finish at the daily high of 25,330.96 after moving as low as 24,929.56.

Among the actives, AAC Technologies rallied 1.89 percent, while AIA Group gained 0.34 percent, Alibaba Group increased 0.31 percent, Alibaba Health Info tanked 2.21 percent, ANTA Sports skidded 1.22 percent, China Life Insurance collected 0.15 percent, China Mengniu Dairy retreated 1.30 percent, China Petroleum and Chemical (Sinopec) declined 1.25 percent, China Resources Land tumbled 1.71 percent, CITIC strengthened 1.01 percent, CNOOC dipped 0.12 percent, Country Garden rose 0.32 percent, CSPC Pharmaceutical plummeted 3.89 percent, Galaxy Entertainment plunged 2.69 percent, Hang Lung Properties accelerated 2.26 percent, Henderson Land perked 0.78 percent, Hong Kong & China Gas sank 0.69 percent, Industrial and Commercial Bank of China dropped 0.46 percent, Li Ning surged 4.74 percent, Meituan spiked 4.39 percent, New World Development added 0.60 percent, Sands China jumped 1.58 percent, Sun Hung Kai Properties climbed 1.09 percent, Techtronic Industries soared 4.71 percent, Xiaomi Corporation advanced 0.71 percent, WuXi Biologics gathered 0.92 percent and Longfor was unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly in the green on Friday and remained that way throughout the session.

The Dow surged 382.20 points or 1.09 percent to finish at 35,294.76, while the NASDAQ jumped 73.91 points or 0.50 percent to close at 14,897.34 and the S&P rose 33.11 points or 0.75 percent to end at 4,471.37. For the week, the Dow added 1.6 percent, the NASDAQ rose 2.2 percent and the S&P gained 1.8 percent.

Another batch of upbeat earnings news fueled the rally, led by financial giant Goldman Sachs (GS) and aluminum producer Alcoa (AA), among others.

Buying interest was also generated in reaction to a report from the Commerce Department showing an unexpected increase in U.S. retail sales in September. Also, the Labor Department said import prices in the U.S. increased less than expected last month.

Crude oil futures settled notably higher Friday after the International Energy Agency said oil demand is likely to increase significantly due to the energy crunch supporting prices. West Texas Intermediate Crude oil futures for November rose $0.97 or 1.2 percent at $82.28 a barrel. For the week, WTI Crude oil futures gained 3.7 percent, surging for the eighth straight week.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT