Hong Kong Shares Tipped To Open To The Upside On Tuesday

(RTTNews) - The Hong Kong stock market on Monday snapped the three-day losing streak in which it had stumbled more than 370 points or 2.2 percent. The Hang Seng Index now sits just above the 16,735-point plateau and it may extend its gains on Tuesday.

The global forecast for the Asian markets is upbeat, with support expected from technology and oil stocks. 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 barely higher on Monday as gains from the technology stocks were wiped out by losses among the financials and properties.

For the day, the index added 16.23 points or 0.10 percent to finish at 16,737.12 after trading between 16,641.58 and 16,801.64.

Among the actives, Alibaba Group rose 0.14 percent, while Alibaba Health Info surged 4.46 percent, ANTA Sports dropped 0.70 percent, China Life Insurance climbed 1.16 percent, China Mengniu Dairy rallied 2.30 percent, China Resources Land retreated 1.98 percent, CITIC perked 0.12 percent, CNOOC eased 0.11 percent, Country Garden slumped 1.22 percent, CSPC Pharmaceutical tumbled 2.39 percent, Galaxy Entertainment sank 0.62 percent, Hang Lung Properties fell 0.35 percent, Henderson Land plummeted 3.88 percent, Hong Kong & China Gas added 0.67 percent, Industrial and Commercial Bank of China lost 0.50 percent, JD.com spiked 2.68 percent, Lenovo gained 0.32 percent, Li Ning plunged 3.57 percent, Meituan advanced 1.12 percent, New World Development shed 0.53 percent, Techtronic Industries was up 0.10 percent, Xiaomi Corporation soared 2.75 percent and WuXi Biologics jumped 2.22 percent.

The lead from Wall Street is positive as the major averages opened solidly higher on Monday and remained in the green throughout the trading day.

The Dow advanced 75.66 points or 0.20 percent to finish at 38,790.43, while the NASDAQ jumped 130.27 points or 0.82 percent to close at 16,103.45 and the S&P 500 gained 32.33 points or 0.63 percent to end at 5,149.42.

Technology stocks led the rally on Wall Street, with the tech-heavy NASDAQ showing a strong move to the upside on gains from the likes of Alphabet (GOOGL) and Nvidia (NVDA).

Meanwhile, traders continued to look ahead to the Federal Reserve's two-day monetary policy meeting on Tuesday and Wednesday. The Fed is widely expected to leave interest rates unchanged after recent inflation readings have reduced optimism about a rate cut in June.

In U.S. economic news, the National Association of Home Builders reported an unexpected improvement in U.S. homebuilder confidence in March.

Oil prices moved higher Monday amid concerns about supply due to geopolitical risks following continued drone attacks by Ukraine on Russian oil refineries, as well as data showing a drop in crude exports from Iraq and Saudi Arabia. West Texas Intermediate Crude oil futures for April jumped $1.68 or 2.1 percent at $82.72 a barrel.