Higher Open Called For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved lower in two straight sessions, sinking almost 380 points or 2.1 percent along the way. The Hang Seng Index now rests just above the 18,215-point plateau although it's tipped to open in the green on Friday.

The global forecast for the Asian markets is upbeat on progress to end the debt ceiling situation in the United States. The European and U.S. markets mere up and the Asian bourses figure to follow that lead.

The Hang Seng finished slightly lower on Thursday following mixed performances from the financial shares, property stocks and technology companies.

For the day, the index fell 17.36 points or 0.10 percent to finish at 18,216.91 after trading between 18,190.27 and 18,465.64.

Among the actives, Alibaba Group and Xiaomi Corporation both sank 0.77 percent, while Alibaba Health Info fell 0.22 percent, ANTA Sports declined 1.69 percent, China Life Insurance slumped1.36 percent, China Mengniu Dairy tanked 3.12 percent, China Resources Land skidded 0.85 percent, CITIC rose 0.11 percent, CNOOC added 0.34 percent, Country Garden plunged 3.29 percent, CSPC Pharmaceutical surrendered 1.91 percent, Galaxy Entertainment retreated 1.54 percent, Hang Lung Properties gained 0.32 percent, Henderson Land plummeted 5.43 percent, Hong Kong & China Gas rose 0.28 percent, Industrial and Commercial Bank of China stumbled 1.43 percent, JD.com soared 3.26 percent, Lenovo jumped 1.36 percent, Li Ning dropped 0.83 percent, Meituan spiked 2.36 percent, New World Development tumbled 2.46 percent, Techtronic Industries rallied 3.03 percent and WuXi Biologics surged 4.24 percent.

The lead from Wall Street is solid as the major averages quickly shook off a sluggish start and moved firmly into the green.

The Dow climbed 153.30 points or 0.47 percent to finish at 33,061.57, while the NASDAQ surged 165.70 points or 1.28 percent to end at 13,100.98 and the S&P 500 advanced 41.19 points or 0.99 percent to close at 4,221.02.

The strength that emerged on Wall Street came after the House voted Wednesday night to approve the bill raising the U.S. debt ceiling.

The legislation now heads to the Senate, where Majority Leader Chuck Schumer, D-N.Y., said he hopes lawmakers can work quickly and bring the bill to the president's desk "as soon as possible."

In economic news, payroll processor ADP said private sector employment in the U.S. jumped more than expected in May. Also, the Labor Department noted a slight increase in first-time claims for U.S. unemployment benefits last week.

Crude oil prices rose sharply Thursday on hopes OPEC will announce a cut in production. Oil prices were also supported by a weak U.S. dollar and the passage of the debt ceiling bill. West Texas Intermediate crude futures for July ended higher by $2.01 or 3 percent at $70.10 per barrel.