Hang Seng May Add To Its Winnings On Monday

(RTTNews) - The Hong Kong stock market has moved higher in three straight sessions, collecting more than 450 points or 1.8 percent in that span. The Hang Seng Index now sits just beneath the 25,700-point plateau and it may see additional support on Monday.

The global forecast for the Asian markets is positive, with technology and oil stocks expected to lead the markets higher. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The Hang Seng finished modestly higher on Friday following gains from the technology stocks, properties and pharmaceuticals.

For the day, the index gained 192.40 points or 0.75 percent to finish at 25,690.53 after trading between 25,545.92 and 25,747.01.

Among the actives, Alibaba Group improved 0.83 percent, while Alibaba Health Info stumbled 1.32 percent, ANTA Sports shed 0.61 percent, China Life Insurance expanded 1.19 percent, China Mengniu Dairy and Techtronic Industries both increased 0.66 percent, China Resources Land climbed 0.96 percent, CITIC added 0.42 percent, CNOOC rose 0.10 percent, CSPC Pharmaceutical jumped 2.37 percent, Galaxy Entertainment rallied 2.92 percent, Haier Smart Home and Li Ning both sank 0.68 percent, Hang Lung Properties and New World Development both spiked 3.46 percent, Henderson Land slumped 1.08 percent, Hong Kong & China Gas strengthened 1.87 percent, JD.com dropped 0.80 percent, Lenovo tumbled 1.28 percent, Li Auto accelerated 3.81 percent, Meituan vaulted 1.28 percent, Nongfu Spring soared 3.76 percent, Xiaomi Corporation advanced 0.85 percent, WuXi Biologics surged 4.40 percent and Industrial and Commercial Bank of China was unchanged.

The lead from Wall Street is solid as the major averages opened firmly higher on Friday and remained in the green throughout the trading day.

The Dow jumped 183.04 points or 0.38 percent to finish at 48,134.89, while the NASDAQ rallied 301.26 points or 1.31 percent to end at 23,307.62 and the S&P 500 gained 59.74 points or 0.88 percent to close at 6,834.50.

For the week, the Dow slid 0.7 percent, the NASDAQ added 0.5 percent and the S&P 500 rose 0.1 percent.

The continued strength on Wall Street came amid sharp gains from the technology shares thanks to solid earnings news and easing concerns of a tech bubble.

In U.S. economic news, the National Association of Realtors reported a modest increase by existing home sales in the U.S. in November. Also, the University of Michigan said consumer sentiment in the U.S. rebounded less than expected in December.

Crude oil increased on Friday amid concerns of a supply side disruption due to brewing U.S.-Venezuela tensions. West Texas Intermediate crude for January delivery was up by $0.47 or 0.84 percent at $56.62 per barrel.

Closer to home, Hong Kong will provide November figures for consumer prices and Q3 data for producer prices later today. In October, inflation was up 0.3 percent on month and 1.2 percent on year. Producer prices climbed an annual 4.0 percent in Q2.