Higher Open Called For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market on Monday snapped the two-day losing streak in which it had given up more than 470 points or 2 percent. The Hang Seng Index now sits just above the 24,060-point plateau and it's got a solid lead again for Tuesday's trade.

The global forecast for the Asian markets is positive on hopes for an end to hostilities between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The Hang Seng finished modestly high on Monday following gains from the financial shares, property stocks and technology companies.

For the day, the index jumped 168.43 points or 0.70 percent to finish at 24,060.99 after trading between 23,718.72 and 24,125.05.

Among the actives, Alibaba Group added 0.80 percent, while Alibaba Health Info accelerated 3.70 percent, ANTA Sports climbed 1.18 percent, China Life Insurance rallied 2.91 percent, China Mengniu Dairy eased 0.02 percent, China Resources Land spiked 3.88 percent, CITIC sank 0.72 percent, CNOOC lost 0.21 percent, CSPC Pharmaceutical dropped 1.02 percent, Galaxy Entertainment gained 0.76 percent, Hang Lung Properties jumped 2.50 percent, Henderson Land surged 4.67 percent, Hong Kong & China Gas slumped 1.03 percent, Industrial and Commercial Bank of China collected 0.82 percent, JD.com improved 0.85 percent, Lenovo advanced 1.09 percent, Li Auto expanded 1.28 percent, Li Ning perked 0.18 percent, Meituan rose 0.43 percent, New World Development fell 0.19 percent, Nongfu Spring strengthened 1.53 percent, Techtronic Industries shed 0.67 percent, Xiaomi Corporation soared 4.23 percent, WuXi Biologics plummeted 5.36 percent and Haier Smart Home and CPL Holdings were unchanged.

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

The Dow jumped 317.30 points or 0.75 percent to finish at 42,515.09, while the NASDAQ rallied 294.39 points or 1.52 percent to close at 19,701.21 and the S&P 500 gained 56.14 points or 0.94 percent to end at 6,033.11.

The rally on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the previous session's nosedive, which came after Israel launched a series of airstrikes against Iran.

The rebound on Wall Street also came as traders looked ahead to a meeting of major world leaders at the G7 summit in the Canadian Rockies later this week.

The Federal Reserve's latest monetary policy announcement is also likely to attract attention from traders in the coming days. While the central bank is widely expected to leave interest rates unchanged, the accompanying statement and Fed officials' latest projections may provide more clarity about the outlook for rates.

Crude oil price fell sharply on Monday after reports that Iran signaled its readiness to end its hostility with Israel. West Texas Intermediate crude oil for July delivery closed down by $1.21 to settle at $71.77 per barrel.