Additional Support Called For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved higher in three consecutive trading days, gathering more than 520 points or 3.1 percent along the way. The Hang Seng Index now sits just above the 16,910-point plateau and it's expected to find additional support again on Wednesday.

The global forecast for the Asian markets is upbeat on bargain hunting and renewed optimism over earnings. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished sharply higher on Tuesday following gains from the property stocks, technology companies and oil shares.

For the day, the index spiked 301.68 points or 1.82 percent to finish at 16,914.58 after trading between 16,558.41 and 16,912.79.

Among the actives, Alibaba Group spiked 3.83 percent, while Alibaba Health Info skyrocketed 9.37 percent, ANTA Sports plunged 3.61 percent, China Life Insurance collected 0.92 percent, China Mengniu Dairy and Nongfu Spring both strengthened 1.49 percent, China Petroleum and Chemical (Sinopec) climbed 1.19 percent, China Resources Land improved 1.13 percent, CITIC lost 0.55 percent, CNOOC added 0.51 percent, Country Garden tumbled 3.13 percent, CSPC Pharmaceutical soared 4.47 percent, Galaxy Entertainment and Lenovo both increased 1.07 percent, Hang Lung Properties rose 0.46 percent, Henderson Land perked 0.23 percent, Hong Kong & China Gas sank 0.60 percent, JD.com accelerated 3.72 percent, Li Ning jumped 1.89 percent, Longfor advanced 0.63 percent, Meituan rallied 2.87 percent, New World Development gathered 0.49 percent, Techtronic Industries dropped 0.66 percent, Xiaomi Corporation surged 4.70 percent, WuXi Biologics gained 0.50 percent and Industrial and Commercial Bank of China was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday but bounced higher again heading into the close.

The Dow surged 337.98 points or 1.12 percent to finish at 30,525.80, while the NASDAQ advanced 96.60 points or 0.90 percent to end at 10,772.40 and the S&P 500 climbed 42.03 points or 1.14 percent to close at 3,719.98.

The initial strength on Wall Street reflected a positive reaction to upbeat earnings news from companies like Goldman Sachs (GS) and Johnson & Johnson (JNJ), which helped ease concerns about the strength of the earnings season.

In economic news, the Federal Reserve released a report showing industrial production increased by more than expected in September.

Crude oil prices fell sharply on Tuesday after a volatile session amid uncertainty about the outlook for energy demand. West Texas Intermediate Crude oil futures for November slumped $2.64 or 3.1 percent at $82.82 a barrel.