Win Streak May Continue For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved higher in back-to-back sessions, advancing more than 450 points of 1.9 percent along the way. The Hang Seng Index now sits just beneath the 23,690-point plateau and it's expected to see additional support on Tuesday. The global forecast for the Asian markets in positive on an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The Hang Seng finished modestly higher again on Monday following gains from the property stocks and mixed performances from the financial shares and technology companies. For the day, the index improved 158.65 points or 0.67 percent to finish at the daily high of 23,689.13 after trading as low as 23,272.75. Among the actives, Alibaba Group dropped 0.81 percent, while Alibaba Health Info rose 0.46 percent, ANTA Sports eased 0.05 percent, China Life Insurance lost 0.11 percent, China Mengniu Dairy stumbled 1.47 percent, China Resources Land gained 0.94 percent, CITIC jumped 1.80 percent, CNOOC added 1.12 percent, CSPC Pharmaceutical improved 1.18 percent, ENN Energy retreated 1.34 percent, Galaxy Entertainment soared 3.12 percent, Haier Smart Home and Lenovo both gathered 0.22 percent, Hang Lung Properties spiked 2.65 percent, Henderson Land and WuXi Biologics both strengthened 1.66 percent, Hong Kong & China Gas shaed 0.30 percent, Industrial and Commercial Bank of China collected 1.29 percent, JD.com sank 0.64 percent, Li Auto surged 5.49 percent, Li Ning increased 0.51 percent, Meituan rallied 2.18 percent, New World Development accelerated 2.55 percent, Nongfu Spring slumped 1.04 percent, Techtronic Industries skidded 1.00 percent and Xiaomi Corporation climbed 1.48 percent.

The lead from Wall Street is upbeat as the major averages shook off early weakness, using a late-day surge to finish solidly in the green.

For the day, the Dow jumped 374.96 points or 0.89 percent to finish at 42,581.78, while the NASDAQ rallied 183.56 points or 0.94 percent to close at 19,630.97 and the S&P 500 climbed 57.33 points or 0.96 percent to end at 6,025.17.

The late rally came as Federal Reserve Vice Chair Michelle Bowman indicated support for a rate cut as early as July, citing concerns about the job market and potential easing of inflationary pressures related to tariffs. Additionally, reports of potential tariff reductions between the U.S. and China helped ease market anxieties.

The major averages had opened lower and hugged the unchanged line for much of the day as investors waited for Iran's response to the weekend U.S. air strikes on its nuclear sites.

In economic news, the National Association of Realtors said that existing home sales rose 0.8 percent on month in May and saw a 6.2 percent increase in unsold inventory. On a yearly basis, existing home sales fell 0.7 percent.

Crude oil prices were on a roller coaster ride on Monday, moving sharply higher earlier in the day in response to the U.S. bombing attack in Iran. But as it looks like Iran won't try to block the straight of Hormuz, prices plummeted later in the day. West Texas Intermediate crude for August delivery plunged $5.00 of 6.77 percent to $68.84 per barrel.