Hong Kong Bourse Tipped To Open In The Green

(RTTNews) - The Hong Kong stock market has finished higher in three straight sessions, advancing more than 1,000 points or 4.5 percent in that span. The Hang Seng Index now sits just above the 22,070-point plateau and it's got a solid lead again for Thursday's trade.

The global forecast for the Asian markets is broadly positive on easing concerns over the U.S. Federal Reserve's independence. The European and U.S. markets were firmly higher and the Asian markets are tipped to follow that lead.

The Hang Seng finished sharply higher on Wednesday with gains across the board, especially among the property stocks and technology companies.

For the day, the index surged 510.30 points or 2.37 percent to finish at 22,072.62 after trading between 21,862.87 and 22,138.81.

Among the actives, Alibaba Group surged 5.45 percent, while Alibaba Health Info added 0.85 percent, ANTA Sports accelerated 2.45 percent, China Life Insurance rallied 1.88 percent, China Mengniu Dairy gained 0.83 percent, China Resources Land stumbled 1.46 percent, CNOOC increased 0.94 percent, CSPC Pharmaceutical and Henderson Land both jumped 1.65 percent, Galaxy Entertainment soared 3.29 percent, Haier Smart Home strengthened 1.58 percent, Hang Lung Properties climbed 1.63 percent, Hong Kong & China Gas rose 0.72 percent, Industrial and Commercial Bank of China collected 0.56 percent, JD.com improved 1.53 percent, Lenovo soared 4.13 percent, Li Auto gathered 0.60 percent, Li Ning advanced 1.34 percent, Meituan accelerated 2.84 percent, New World Development rallied 1.97 percent, Nongfu Spring slumped 1.20 percent, Techtronic Industries spiked 3.73 percent, Xiaomi Corporation skyrocketed 6.87 percent, WuXi Biologics surged 5.34 percent and CITIC was unchanged.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Wednesday; they came off the day's highs but still finished solidly in the green.

The Dow soared 419.59 points or 1.07 percent to finish at 39,606.57, while the NASDAQ rallied 407.63 points or 2.50 percent to close at 16,708.05 and the S&P 500 jumped 88.10 points or 1.67 percent to end at 5,375.86.

Stocks surged early after President Donald Trump appeared to soften his stance on Federal Reserve Chair Jerome Powell. Trump's attacks on Powell had led to anxiety on Wall Street about the Fed's independence.

The president also suggested he's willing to take a less confrontational approach to trade talks with China, predicting the current 145 percent tariff on Chinese imports will "come down substantially."

Buying interest waned over the course of the session, however, as traders continue to express concerns about recent volatility in the markets triggered largely by Trump's words.

Crude oil prices moved sharply lower on Wednesday after reports suggested that OPEC may accelerate oil output hikes in June for a second consecutive month. West Texas Intermediate crude for June delivery tumbled $1.52 or 2.4 percent to $62.15 a barrel.