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Hong Kong Stock Market Has Firm Lead For Wednesday

The Hong Kong stock market has climbed higher in three straight sessions, advancing almost 825 points or 3.9 percent along the way. The Hang Seng Index now rests just above the 21,550-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat, with oil, telecom and technology stocks expected to lead the way. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished sharply higher on Tuesday with gains across the board, especially among the technology stocks, properties and oil companies.

For the day, the index surged 395.68 points or 1.87 percent to finish at 21,559.59 after trading between 21,175.95 and 21,564.87.

Among the actives, AAC Technologies improved 1.84 percent, while Alibaba Group gained 1.34 percent, Alibaba Health Info skyrocketed 12.10 percent, ANTA Sports strengthened 2.67 percent, China Life Insurance accelerated 3.94 percent, China Mengniu Dairy spiked 4.36 percent, China Petroleum and Chemical (Sinopec) added 1.44 percent, China Resources Land rose 1.32 percent, CITIC jumped 2.91 percent, CNOOC was up 0.79 percent, Country Garden and Techtronic Industries both climbed 2.48 percent, CSPC Pharmaceutical soared 4.49 percent, Galaxy Entertainment perked 1.61 percent, Hang Lung Properties increased 0.55 percent, Henderson Land advanced 2.10 percent, Hong Kong & China Gas improved 0.85 percent, Industrial and Commercial Bank of China collected 2.68 percent, JD.com added 0.94 percent, Lenovo gained 1.23 percent, Li Ning rallied 3.34 percent, Meituan rose 0.90 percent, New World Development gathered 1.62 percent, Xiaomi Corporation increased 1.69 percent and WuXi Biologics surged 5.02 percent

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and remained solidly in the green throughout the day, closing near session highs.

The Dow surged 641.47 points or 2.15 percent to finish at 30,530.25, while the NASDAQ spiked 270.95 points or 2.51 percent to end at 11,069.30 and the S&P 500 jumped 89.95 points or 2.45 percent to close at 3,764.79.

The rally on Wall Street came as traders picked up stocks at reduced levels following recent weakness in the markets. Bargain hunting also contributed to strength in the overseas markets that carried over onto Wall Street early in the day.

In economic news, the National Association of Realtors noted another steep drop in U.S. existing home sales in May.

Crude oil prices bounced higher again Tuesday, recovering from the selloff in the previous session that was fueled by recession concerns. West Texas intermediate for August delivery jumped $1.53 or 1.4 percent to $109.52 a barrel.

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