Hong Kong Stock Market Tipped To Open Higher On Thursday

The Hong Kong stock market bounced higher again on Wednesday, one session after snapping the three-day winning streak in which it had advanced almost 750 points or 3.3 percent. The Hang Seng Index now sits just above the 24,400-point plateau and it's looking at another green light for Thursday's trade.

The global forecast for the Asian markets is positive, primarily riding a surge in crude oil prices. The European and U.S. markets was modest gains and the Asian bourses figure to follow suit.

The Hang Seng finished sharply higher on Wednesday following gains from the technology stocks, oil companies and casinos, while the property sector was mixed.

For the day, the index surged 663.11 points or 2.79 percent to finish at the daily high of 24,402.17 after moving as low as 24,069.52.

Among the actives, JD.com skyrocketed 10.98 percent, while Meituan surged 9.13 percent, CNOOC soared 6.77 percent, ANTA Sports spiked 5.95 percent, Alibaba Group accelerated 5.89 percent, WuXi Biologics rallied 5.82 percent, Alibaba Health Information strengthened 3.70 percent, Xiaomi jumped 3.63 percent, Li Ning climbed 3.61 percent, AIA Group gathered 3.56 percent, Galaxy Entertainment perked 2.20 percent, AAC Technologies advanced 2.12 percent, China Petroleum and Chemical added 1.29 percent, New World Development gained 0.99 percent, Longfor Group sank 0.85 percent, China Life Insurance collected 0.60 percent, CITIC rose 0.49 percent, Industrial and Commercial Bank of China lost 0.43 percent, CK Infrastructure increased 0.41 percent, China Resources Land shed 0.41 percent, Hang Lung Properties improved 0.38 percent, Hong Kong & China Gas fell 0.33 percent, Techtronic Industries dipped 0.28 percent, Country Garden slid 0.22 percent, China Mengniu Dairy was up 0.21 percent, Henderson Land was down 0.15 percent and CSPC Pharmaceutical eased 0.11 percent.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday, faded soon after but rebounded enough to end in the green.

The Dow added 38.30 points or 0.11 percent to finish at 36,290.32, while the NASDAQ gained 34.94 points or 0.23 percent to close at 15,188.39 and the S&P 500 rose 13.28 points or 0.28 percent to end at 4,726.35.

The modest strength on Wall Street followed the Labor Department's highly anticipated report on consumer price inflation in December. While the report showed the annual rate of consumer price growth once again reached the highest level in almost 40 years, traders seemed relieved the acceleration was not even more significant.

Treasury yields moved to the downside following the release of the report, offsetting some of the interest rate concerns that dragged the markets lower to start the year.

Crude oil prices spiked again on Wednesday, extending gains from the previous session. Oil prices continued to benefit from optimism about the outlook for energy demand amid indications of tight near-term supply. West Texas Intermediate crude for February delivery jumped $1.42 or 1.7 percent to $82.64 a barrel.

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