Higher Open Anticipated For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved lower in consecutive trading days, slumping almost 800 points or 4 percent in that span. The Hang Seng Index now rests just above the 17,640-point plateau although it's expected to find support on Tuesday.

The global forecast for the Asian markets is upbeat on optimism ahead of earnings and anticipated bargain hunting after a couple days of heavy selling. The European and U.S. markets were firmly higher and the Asian markets are expected to open in similar fashion.

The Hang Seng finished sharply lower on Monday following losses from the technology stocks, properties and financials.

For the day, the index retreated 173.09 points or 0.97 percent to finish at 17,640.36 after trading between 17,601.50 and 17,858.18.

Among the actives, Alibaba Group stumbled 1.57 percent, while Alibaba Health Info declined 2.43 percent, ANTA Sports advanced 0.83 percent, China Life Insurance dropped 0.64 percent, China Mengniu Dairy tumbled 3.07 percent, China Resources Land slumped 1.81 percent, CITIC eased 0.14 percent, CNOOC rose 0.15 percent, Country Garden retreated 2.22 percent, CSPC Pharmaceutical slid 0.35 percent, Galaxy Entertainment surrendered 2.99 percent, Hang Lung Properties sank 0.57 percent, Henderson Land shed 0.48 percent, Hong Kong & China Gas fell 0.36 percent, JD.com and Xiaomi Corporation both lost 0.48 percent, Lenovo tanked 3.48 percent, Li Ning plummeted 3.71 percent, Meituan skidded 0.79 percent, New World Development perked 0.14 percent, Techtronic Industries plunged 3.66 percent, WuXi Biologics dipped 0.20 percent and Industrial and Commercial Bank of China was unchanged.

The lead from Wall Street is strong as the major averages opened sharply higher on Monday pretty much stayed that way throughout the session.

The Dow jumped 314.25 points or 0.93 percent to finish at 33,984.54, while the NASDAQ rallied 160.75 points or 1.20 percent to end at 13,567.98 and the S&P 500 gained 45.85 points or 1.06 percent to close at 4,373.63.

The strength on Wall Street came as stocks rallied ahead of earnings updates from several top-ranked companies, shrugging off rising bond yields and concerns about the ongoing war in the Middle East.

Goldman Sachs, Bank of America, Tesla, Netflix and Johnson & Johnson are among the companies scheduled to announce their quarterly results this week.

In economic news, the New York Federal Reserve released a report showing a downturn in regional manufacturing activity in the month of October.

Crude oil prices fell on Monday, retreating after rising sharply in the previous session amid fears that the ongoing Israel-Hamas war might fuel a wider conflict in the Middle East. West Texas Intermediate Crude oil futures for November shed $1.03 or 1.2 percent at $86.66 a barrel.