Ahead of Monday's National Day holiday, the Hong Kong stock market had bounced higher again - one session after it had snapped the two-day winning streak in which it had picked up more than 140 points or 0.5 percent. The Hang Seng Index now rests just above the 27,550-point plateau and it's expected to open higher again on Tuesday.
The global forecast for the Asian markets is upbeat thanks to solid economic data, although a decline in crude oil prices may cap the upside. The European and U.S. markets were up and the Asian markets are expected to follow that lead.
The Hang Seng finished modestly higher on Friday following gains from the oil companies, financials and casinos.
For the day, the index advanced 132.70 points or 0.48 percent to finish at 27,554.30 after trading between 27,383.16 and 27,581.13.
Among the actives, Kunlun Energy surged 5.10 percent, while China Mengniu Dairy soared 4.55 percent, CNOOC spiked 2.13 percent, China Petroleum and Chemical (Sinopec) climbed 1.56 percent, Galaxy Entertainment jumped 1.29 percent, Industrial and Commercial Bank of China perked 1.05 percent, Ping An Insurance collected 0.93 percent, AIA Group shed 0.69 percent, China Mobile tumbled 0.38 percent, Lenovo Group added 0.23 percent and China Life and Hong Kong & China Gas were unchanged.
The lead from Wall Street is positive as stocks moved higher on Monday, adding to recent gains and setting fresh record closing highs.
The Dow added 152.51 points or 0.68 percent to 22,557.60, while the NASDAQ rose 20.76 points or 0.32 percent to 6,516.72 and the S&P climbed 9.76 points or 0.39 percent to 2,529.12.
In economic news, the Institute for Supply Management saw an unexpected acceleration in growth in manufacturing activity in September. Also, the Commerce Department said construction spending in the U.S. increased by more than expected in August.
Crude oil futures tumbled Monday as the U.S. dollar continued to strengthen. Also, a report said OPEC compliance with its supply quota plan has dropped to 86 percent. WTI light sweet crude oil was down $1.24 to $50.43 a barrel.
Closer to home, Hong Kong will see August data for retail sales later today; in July, retail sales climbed 4.6 percent on year.
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