The Hong Kong stock market has climbed higher in three straight sessions, advancing almost 410 points or 1.5 percent along the way. The Hang Seng Index now rests just above the 29,260-point plateau and it's expected to move higher again on Tuesday.
The global forecast for the Asian markets suggests mild upside, with upbeat economic data tempered by a decline in crude oil prices. The European and U.S. markets ended higher and the Asian markets figure to open in similar fashion.
The Hang Seng finished modestly higher on Monday as gains from the properties and casinos were capped by weakness from the oil companies.
For the day, the index advanced 61.27 points or 0.21 percent to finish at 29,260.31 after trading between 29,089.58 and 29,299.87.
Among the actives, Galaxy Entertainment surged 4.13 percent, while Sands China soared 2.90 percent, Hang Lung Properties spiked 1.84 percent, Kunlun Energy plummeted 1.66 percent, Cathay Pacific Airways climbed 1.51 percent, Industrial and Commercial Bank of China skidded 1.31 percent, China life tumbled 1.12 percent, AIA Group shed 0.91 percent, China Petroleum and Chemical (Sinopec) lost 0.73 percent, Hong Kong & China Gas fell 0.54 percent, New World Development added 0.53 percent, Ping An Insurance gained 0.44 percent, CNOOC dipped 0.38 percent, Lenovo Group advanced 0.23 percent and China Mobile eased 0.13 percent.
The lead from Wall Street is firm as stocks saw modest strength on Monday, although buying interest was subdued, limiting the upside.
The Dow climbed 72.09 points or 0.31 percent to 23,430.33, while the NASDAQ edged up 7.92 points or 0.12 percent to 6,790.71 and the S&P gained 3.29 points or 0.13 percent to 2,582.14.
M&A news may have generated some positive sentiment, with chipmaker Marvell Technology (MRVL) reaching an agreement to acquire Cavium (CAVM) for about $6 billion.
In economic news, the Conference Board noted a bigger than expected jump by its index of leading U.S. economic indicators in October.
Crude oil prices fell Monday as a stronger dollar hurt most commodities. Oil has come under pressure of late due to speculation that global supplies will continue to outpace demand.
January WTI oil settled at $56.42/bbl, down 29 cents or 0.5 percent. December WTI oil slipped 46 cents or 0.8 percent to $56.09/bbl on the final day of the December contract.
Closer to home, Hong Kong will see October numbers for consumer prices later today; in September, inflation was up 1.4 percent on year.
by RTT Staff Writer
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