Hong Kong Stock Market Looking At Continued Strength - Nasdaq

(RTTNews) - The Hong Kong stock market has finished higher in four straight sessions, advancing more than 1,175 points or 4.48 percent along the way. The Hang Seng Index now rests just beneath the 27,500-point plateau and it's expected to open higher again on Friday.

The global forecast for the Asian markets is upbeat on optimism for further resolution in the trade dispute between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The Hang Seng finished sharply higher on Thursday with support in all sectors - especially from the properties, casinos and oil and insurance stocks.

For the day, the index surged 706.96 points or 2.64 percent to finish at 27,493.70 after trading between 27,029.49 and 27,608.22.

Among the actives, China Mobile skyrocketed 5.42 percent, while CNOOC surged 5.00 percent, CITIC soared 4.95 percent, Hang Lung Properties spiked 4.86 percent, Techtronic Industries accelerated 4.33 percent, Galaxy Entertainment jumped 3.97 percent, China Resources Land climbed 3.68 percent, China Petroleum and Chemical (Sinopec) perked 3.64 percent, Sands China gathered 3.45 percent, China Life Insurance advanced 3.35 percent, WH Group added 3.26 percent, China Mengniu Dairy gained 2.80 percent, Industrial and Commercial Bank of China collected 2.62 percent, New World Development rose 2.42 percent, Ping An Insurance increased 2.28 percent, AIA Group added 2.21 percent, Hong Kong & China Gas gained 2.15 percent, Tencent Holdings rose 1.99 percent, BOC Hong Kong increased 1.92 percent and CSPC Pharmaceutical was up 1.04 percent.

The lead from Wall Street is positive as stocks fluctuated early Thursday but then moved higher as the day progressed - sending the major averages to fresh record closing highs.

The Dow added 88.92 points or 0.30 percent to end at 29,379.77, while the NASDAQ gained 63.47 points or 0.67 percent to 9,572.15 and the S&P 500 rose 11.09 points or 0.33 percent to 3,345.78.

The continued strength on Wall Street came on the heels of news that China plans to cut tariffs on approximately $75 billion worth of U.S. goods in half. The reductions will coincide with the U.S. move to halve tariffs on $120 billion in Chinese goods as part of last month's phase one trade deal.

Lingering concerns about the coronavirus outbreak kept some traders on the sidelines, along with the upcoming release of the Labor Department's closely watched monthly jobs report later today.

Crude oil prices edged higher on Thursday, lifted by reports that OPEC may increase production cuts. West Texas Intermediate crude oil futures for March ended up $0.20 or 0.4 percent at $50.95 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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February 07, 2020 at 08:17AM
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Hong Kong Stock Market Looking At Continued Strength - Nasdaq
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