The Hong Kong stock market has finished higher in five straight sessions, spiking more than 1,300 points or 5.1 percent in that span. The Hang Seng Index now rests just beneath the 27,650-point plateau and it's expected to open higher again on Wednesday.
The global forecast for the Asian markets is upbeat thanks largely to a spike in energy prices. The European markets were mixed and the U.S. bourses were higher and the Asian markets are tipped to split the difference.
The Hang Seng finished modestly higher on Tuesday following gains from the properties and mixed performances from the financials and casinos.
For the day, the index gathered 177.05 points or 0.64 percent to finish at 27,649.86 after trading between 27,150.38 and 27,690.21.
Among the actives, China Mengniu Dairy skyrocketed 7.32 percent, while Hengan International surged 4.02 percent, Sun Hung Kai Properties soared 3.19 percent, Henderson Land spiked 2.75 percent, Wharf Real Estate accelerated 2.44 percent, Alibaba Group plummeted 2.02 percent, AAC technologies rallied 1.92 percent, ANTA Sports jumped 1.89 percent, BOC Hong Kong climbed 1.67 percent, Meituan gathered 1.37 percent, WuXi Biologics tumbled 1.26 percent, Hong Kong & China Gas perked 1.20 percent, China Life Insurance skidded 1.17 percent, Galaxy Entertainment sank 1.15 percent, CSPC Pharmaceutical dropped 1.00 percent, Industrial and Commercial Bank of China shed 0.82 percent, Hang Lung Properties lost 0.74 percent, Sands China advanced 0.74 percent, CITIC added 0.72 percent, New World Development gained 0.68 percent, Ping An Insurance fell 0.58 percent, Techtronic Industries rose 0.52 percent, AIA Group increased 0.20 percent, Xiaomi and CNOOC both were up 0.14 percent, Power Assets eased 0.12 percent and China Petroleum and Chemical (Sinopec) and China Resources Land were unchanged.
The lead from Wall Street is positive as stocks bounced higher again following the pullback in the previous session, ending in the green.
The Dow climbed 167.71 points or 0.55 percent to finish at 30,391.60, while the NASDAQ advanced 120.51 points or 0.95 percent to end at 12,818.96 and the S&P 500 gained 26.21 points or 0.71 percent to close at 3,726.86.
Energy stocks helped to lead the rebound on Wall Street, benefiting from a substantial increase by the price of crude oil.
Crude oil futures ended sharply higher Tuesday, lifted by an announcement from Saudi Arabia that it will cut crude production by 1 million barrel per day from February through March. West Texas Intermediate Crude oil futures for February ended up by $2.31 or 4.9 percent at $49.93 a barrel.
Buying interest was kept in check as traders await the results of two key Senate runoffs in Georgia. The outcome of the runoff elections will determine which party controls the Senate and could have a major impact on what President-elect Joe Biden is able to accomplish.
In economic news, the Institute for Supply Management reported an unexpected acceleration in the pace of growth in manufacturing activity in December.
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