(RTTNews) - The Hong Kong stock market has alternated between positive and negative finishes through the last eight trading days since the end of the two-day winning streak in which it had gathered more than 230 points or 0.9 percent. The Hang Seng Index now rests just beneath the 25,630-point plateau and it may extend its gains on Wednesday.
The global forecast for the Asian markets is mostly upbeat on European stimulus news, although technology stocks may see profit taking. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The Hang Seng finished sharply higher on Tuesday following gains from the properties, technology stocks and oil and insurance companies.
For the day, the index soared 577.67 points or 2.31 percent to finish at the daily high of 25,635.66 after trading as low as 25,378.38.
Among the actives, Tencent Holdings skyrocketed 7.94 percent, while AAC Technologies surged 6.15 percent, Techtronic Industries soared 5.07 percent, China Resources Land spiked 2.95 percent, Wharf Real Estate accelerated 2.62 percent, China Mengniu Dairy rallied 2.45 percent, CSPC Pharmaceutical and Henderson Land both jumped 1.89 percent, AIA Group climbed 1.81 percent, Industrial and Commercial Bank of China tumbled 1.23 percent, China Mobile gathered 1.21 percent, Hang Lung Properties perked 1.17 percent, Sino Land sank 0.73 percent, Power Assets Holdings advanced 0.71 percent, WH Group added 0.68 percent, BOC Hong Kong collected 0.67 percent, CNOOC gained 0.58 percent, Hong Kong & China Gas rose 0.53 percent, Ping An Insurance improved 0.35 percent, China Petroleum and Chemical increased 0.30 percent, CITIC shed 0.26 percent, China Life Insurance was up 0.10 percent, Galaxy Entertainment eased 0.09 percent and Sands China was unchanged.
The lead from Wall Street is inconclusive as stocks opened higher on Tuesday, although the NASDAQ slipped into the red for a mixed finish.
The Dow climbed 159.53 points or 0.60 percent to finish at 26,840.40, while the NASDAQ sank 86.73 points or 0.81 percent to end at 10,680.36 and the S&P 500 rose 5.46 points or 0.17 percent to close at 3,257.30.
The markets saw early strength on news that European Union leaders agreed on a package of measures to tackle the exceptional nature of the economic and social situation posed by the coronavirus pandemic.
But the NASDAQ turned negative on profit taking following Tuesday's record close.
The gains on the Dow were fueled by the energy sector as crude oil prices rose sharply and hit a four-month high as worries about the energy demand outlook faded. West Texas Intermediate Crude oil futures for August ended higher by $1.15 or 2.8 percent at $41.96 a barrel.
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