Hong Kong Stock Market Tipped To Extend Its Gains

(RTTNews) - The Hong Kong stock market has finished higher in consecutive trading days, gathering more than 220 points or 1.3 percent along the way. The Hang Seng Index now sits just above the 16,610-point plateau and it's expected to find additional support again on Tuesday.

The global forecast for the Asian markets is upbeat on bargain hunting after several days of volatility and heavy selling, while stability in the bond markets adds to the positive sentiment. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The Hang Seng finished slightly higher on Monday following mixed performances from the technology stocks and the property shares.

For the day, the index added 25.21 points or 0.15 percent to finish at 16,612.90 after trading between 16,308.95 and 16,754.52.

Among the actives, Alibaba Group eased 0.07 percent, while Alibaba Health Info lost 0.30 percent, ANTA Sports was up 0.18 percent, China Life Insurance fell 0.10 percent, China Mengniu Dairy soared 3.08 percent, China Resources Land gained 0.65 percent, CITIC advanced 0.97 percent, CNOOC spiked 1.86 percent, Country Garden surged 3.77 percent, CSPC Pharmaceutical rose 0.50 percent, Galaxy Entertainment tumbled 1.40 percent, Henderson Land rallied 1.37 percent, Hong Kong & China Gas sank 0.45 percent, Industrial and Commercial Bank of China collected 1.66 percent, JD.com tanked 1.66 percent, Lenovo jumped 1.45 percent, Li Ning plummeted 4.31 percent, Longfor retreated 1.04 percent, Meituan perked 0.47 percent, New World Development declined 1.22 percent, Techtronic Industries added 0.66 percent, Xiaomi Corporation climbed 1.28 percent, WuXi Biologics plunged 1.96 percent and China Petroleum and Chemical (Sinopec), Hang Lung Properties and CLP Holdings were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Monday and stayed that way throughout the session.

The Dow surged 550.99 points or 1.86 percent to finish at 30,185.82, while the NASDAQ soared 354.41 points or 3.43 percent to end at 10.675.80 and the S&P 500 jumped 94.88 points or 2.65 percent to close at 3,677.95.

An early pullback by treasury yields fueled the buying interest, although yields regained ground over the course of the session. The markets also benefitted from strong earnings news from financial giant Bank of America (BAC).

The strength also followed news that the U.K. government is reversing course on previously announced fiscal plans that contributed to turmoil in the global bond markets.

In economic news, the Federal Reserve Bank of New York reported that regional manufacturing activity contracted more than expected in October.

Crude oil futures slumped on Monday, extending losses from the previous session as worries about a recession weighed on the outlook for energy demand and pushed down oil prices. West Texas Intermediate Crude oil futures for November eased $0.15 or 0.2 percent at $85.46 a barrel.