Hong Kong Stock Market Has Solid Lead For Thursday

(RTTNews) – The Hong Kong stock market has climbed higher in consecutive trading days, rallying almost 550 points or 2.2 percent in that span. The Hang Seng Index now rests just beneath the 25,300-point plateau and it may pick up steam on Thursday.

The global forecast continues to be upbeat on optimism over an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The Hang Seng finished sharply higher on Wednesday following gains from the financial shares, technology stocks and resource companies.

For the day, the index soared 505.89 points or 2.04 percent to finish at 25,294.03 after trading between 25,203.69 and 25,429.76.

Among the actives, AIA vaulted 3.12 percent, while Alibaba Group expanded 3.11 percent, Baidu rallied 3.69 percent, Bank of China gathered 0.80 percent, BOC Hong Kong increased 2.20 percent, China Construction Bank perked 0.24 percent, China Hongqiao soared 4.60 percent, China Life Insurance improved 2.44 percent, China Merchants Bank lost 0.32 percent, China Mobile and Xiaomi Corporation both rose 0.82 percent, China Petroleum & Chemical added 2.00 percent, China Shenhua Energy picked up 0.39 percent, CITIC elevated 0.59 percent, CNOOC plunged 3.71 percent, Hong Kong Exchange climbed 3.04 percent, HSBC jumped 3.58 percent, Industrial and Commercial Bank of China was up 0.29 percent, JD.com fell 0.27 percent, Meituan retreated 1.21 percent, NetEase strengthened 3.28 percent, Nongfu Spring gained 1.92 percent, PetroChina tumbled 1.86 percent, Ping An Insurance collected 1.93 percent, Semiconductor Manufacturing accelerated 4.24 percent, Sun Hung Kai Properties spiked 4.18 percent, Tencent Holdings advanced 2.60 percent, WuXi AppTec surged 5.45 percent and Zijin Mining skyrocketed 5.94 percent.

The lead from Wall Street is firm as the major averages opened higher on Wednesday and remained in the green throughout the trading day, although ending off session highs.

The Dow jumped 224.23 points or 0.48 percent to finish at 46,565.74, while the NASDAQ rallied 250.32 points or 1.16 percent to end at 21,840.95 and the S&P 500 gained 46.80 points or 0.72 percent to close at 6,575.32.

The extended the rally on Wall Street came amid optimism about an end to the U.S. war with Iran following the latest comments by President Donald Trump, who said he expects U.S. military forces to leave Iran in “two or three weeks.”

The price of crude oil has extended Tuesday’s pullback following Trump’s comments, with U.S. crude oil futures falling below $100 a barrel.

Crude oil has plummeted on Wednesday after Trump’s comments, even if the Strait of Hormuz remains blocked and U.S. goals are not completely met. West Texas Intermediate crude for May delivery was down $1.68 or 1.66 percent at $99.70 per barrel.

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