Higher Open Called For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has moved higher in consecutive trading days, advancing almost 250 points or 1 percent along the way. The Hang Seng now sits just beneath the 26,100-point plateau and it's likely to open to the upside again on Wednesday.

The global forecast for the Asian markets is upbeat, with technology shares expected to lead the markets higher. The European markets were mixed and little changed and the U.S. bourses were modestly higher and the Asian markets figure to split the difference.

The Hang Seng finished modestly higher on Tuesday as the property stocks and technology companies were mostly in the green.

For the day, the index added 61.79 points or 0.24 percent to finish at 26,095.05 after trading between 25,989.45 and 26,264.13.

Among the actives, Alibaba Group vaulted 1.36 percent, while Alibaba Health Info slumped 1.09 percent, ANTA Sports soared 2.26 percent, China Life Insurance collected 0.66 percent, China Mengniu Dairy stumbled 1.18 percent, China Resources Land sank 0.91 percent, CITIC jumped 1.89 percent, CNOOC rallied 1.87 percent, CSPC Pharmaceutical fell 0.76 percent, Galaxy Entertainment surged 2.81 percent, Haier Smart Home added 0.37 percent, Henderson Land expanded 1.08 percent, Hong Kong & China Gas and Hang Lung Properties both improve 0.55 percent, Industrial and Commercial Bank of China slid 0.46 percent, JD.com dropped 0.94 percent, Lenovo spiked 2.16 percent, Li Auto lost 0.78 percent, Li Ning shed 0.80 percent, Meituan plummeted 3.06 percent, New World Development gained 0.15 percent, Techtronic Industries climbed 1.10 percent, Xiaomi Corporation advanced 0.99 percent, WuXi Biologics skidded 1.07 percent and Nongfu Spring and CKI Holdings were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Tuesday and remained in the green throughout the session, although it was a choppy day.

The Dow climbed 185.13 points or 0.39 percent to finish at 47,474.46, while the NASDAQ jumped 137.75 points or 0.59 percent to close at 23,413.67 and the S&P 500 added 16.74 points or 0.25 percent to end at 6,829.37.

The strength on Wall Street came amid a strong rebound by Bitcoin, as the cryptocurrency soared by more than 6 percent after moving sharply lower on Monday. Bitcoin's rally along with an advance by AI darling Nvidia (NVDA) may have been an indication of renewed risk appetite.

Semiconductor stocks helped lead the markets higher, with the Philadelphia Semiconductor Index jumping by 1.8 percent. Considerable strength was also visible among computer stocks, as reflected by the 1.7 percent gain posted by the NYSE Arca Computer Hardware Index.

Crude oil prices gave ground on Tuesday as efforts to end the Russia-Ukraine conflict have sent positive signals of a ceasefire sooner than expected. West Texas Intermediate crude for January delivery was down $0.55 or 0.93 percent at $58.77 per barrel.