The Hong Kong stock market on Monday ended the two-day slide in which it had fallen more than 120 points or 0.5 percent. The Hang Seng Index now rests just beneath the 24,650-point plateau and it's expected to open in the green again on Tuesday.
The global forecast for the Asian is upbeat, with tech shares expected to lead the way higher. The European markets were mixed and the U.S. bourse were broadly higher and the Asian markets are tipped to follow the latter lead.
The Hang Seng finished sharply higher on Monday following gains from the financials, properties and insurance companies.
For the day, the index surged 530.55 points or 2.20 percent to finish at 24,649.68 after trading between 24,196.80 and 24,702.81.
Among the actives, Xiaomi Corporation skyrocketed 8.35 percent, while WuXi Biologics surged 5.82 percent, Industrial and Commercial Bank soared 5.74 percent, CITIC spiked 3.17 percent, China Resources Land accelerated 2.91 percent, China Mengniu Dairy rallied 2.54 percent, Alibaba jumped 2.03 percent, BOC Hong Kong collected 1.88 percent, Ping An Insurance climbed 1.79 percent, China Mobile gathered 1.70 percent, Hengan International tumbled 1.60 percent, Power Assets perked 1.46 percent, China Life Insurance advanced 1.45 percent, New World Development added 1.31 percent, China Petroleum and Chemical (Sinopec) gained 1.26 percent, CSPC Pharmaceutical and Wharf Real Estate both rose 1.15 percent, Hong Kong & China Gas increased 0.89 percent, Techtronic Industries improved 0.75 percent, AAC technologies lost 0.45 percent, Galaxy Entertainment fell 0.38 percent, WH Group was up 0.16 percent, CNOOC eased 0.13 percent and Sands China was unchanged.
The lead from Wall Street is broadly positive as stocks moved sharply higher on Monday, extending the strong upward move seen in recent sessions and sending the major averages to their best closing levels in a month.
The Dow jumped 250.62 points or 0.88 percent to finish at 28,837.52, while the NASDAQ surged 296.32 points or 2.56 percent to end at 11,876.26 and the S&P 500 perked 57.09 points or 1.64 percent to close at 3,534.22.
Technology stocks led the markets higher, as reflected by the significant advance by the tech-heavy NASDAQ. Apple (AAPL) posted a standout gain, surging up by 6.4 percent, while Facebook (FB) and Google parent Alphabet (GOOGL) also moved notably higher.
Shares of Twitter (TWTR) also showed a strong move to the upside after Deutsche Bank upgraded its rating on the social media giant to Buy from Hold.
The markets also continued to benefit from optimism about a new stimulus bill even though House Speaker Nancy Pelosi said talks will remain at an impasse until serious issues with the Trump administration's latest proposal are resolved.
Crude oil prices declined sharply on Monday amid concerns over excess supply in the market and worries about a possible drop in energy demand due to rising coronavirus cases. West Texas Intermediate Crude oil futures for November were down $1.17 or 2.9 percent at $39.43 a barrel.
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