Higher Open Called For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market bounced higher again on Thursday, one day after ending the five-day winning streak in which it had rallied more than 420 points or 2.3 percent. The Hang Seng Index now rests just beneath the 19,830-point plateau and it's got a strong lead again for Friday's trade.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The Hang Seng finished sharply higher on Thursday with gains across the board, especially among the technology companies.

For the day, the index surged 420.50 points or 2.17 percent to finish at 19,828.92 after trading between 19,510.76 and 19,832.20.

Among the actives, Alibaba Group rallied 4.52 percent, while Alibaba Health Info soared 5.74 percent, ANTA Sports surged 7.51 percent, China Life Insurance collected 1.19 percent, China Mengniu Dairy jumped 2.95 percent, China Resources Land accelerated 2.71 percent, CITIC strengthened 2.90 percent, CNOOC sank 0.71 percent, Country Garden spiked 5.19 percent, CSPC Pharmaceutical climbed 2.27 percent, Galaxy Entertainment added 0.88 percent, Hang Lung Properties advanced 1.38 percent, Henderson Land gained 0.64 percent, Hong Kong & China Gas and Hengan International both rose 0.29 percent, Industrial and Commercial Bank of China collected 0.48 percent, JD.com spiked 5.22 percent, Lenovo rallied 3.49 percent, Li Ning skyrocketed 8.85 percent, Meituan surged 7.78 percent, New World Development advanced 1.45 percent, Techtronic Industries jumped 2.63 percent, Xiaomi Corporation climbed 1.84 percent and WuXi Biologics soared 7.13 percent.

The lead from Wall Street is broadly positive as the major averages opened higher and accelerated as the day progressed, ending near session highs.

The Dow surged 428.73 points or 1.26 percent to finish at 34,408.06, while the NASDAQ jumped 156.34 points or 1.15 percent to end at 15,826.35 and the S&P 500 climbed 53.25 points or 1.22 percent to close at 4,425.84.

The rally on Wall Street reflected optimism about the outlook for interest rates following the release of some U.S. economic data. While the Federal Reserve forecast further rate hikes, traders seem hopeful the central bank will not follow through.

The optimism stemmed from a report from the Labor Department showing initial jobless claims held at their highest level last week since October 2021. A separate Labor Department report said import prices in the U.S. fell more than expected in May, also generating optimism about the outlook for inflation.

Crude oil prices rose sharply Thursday, buoyed by reports suggesting a jump in demand from Chinese refineries and additional stimulus from the Chinese central bank. The dollar's weakness also contributed to the jumped in oil prices. West Texas Intermediate Crude oil futures ended higher by $2.35 or 3.4 percent at $70.62 a barrel.