Hong Kong Stock Market Tipped To Extend Winning Streak

RTTNews | 676 days ago
Hong Kong Stock Market Tipped To Extend Winning Streak

(RTTNews) - The Hong Kong stock market has tracked higher in two straight sessions, advancing more than 350 points or 1.8 percent along the way. The Hang Seng Index now sits just beneath the 20,050-point plateau and it's expected to see additional support on Monday.

The global forecast for the Asian markets is upbeat on solid economic and earnings news. The European and U.S. markets were firmly higher and the Asian bourses figure to open in similar fashion.

The Hang Seng finished modestly higher on Friday following gains from the financial shares, property stocks and technology companies.

For the day, the index added 100.61 points or 0.50 percent to finish at 20,049.31 after trading between 19,968.41 and 20,208.75.

Among the actives, Alibaba Group added 1.18 percent, while Alibaba Health Info soared 3.18 percent, ANTA Sports accelerated 2.61 percent, China Life Insurance perked 0.65 percent, China Mengniu Dairy was up 0.46 percent, China Resources Land spiked 2,82 percent, CITIC rose 0.78 percent, CNOOC fell 0.32 percent, Country Garden surged 3.24 percent, CSPC Pharmaceutical sank 0.49 percent, Galaxy Entertainment tumbled 1.55 percent, Hang Lung Properties skyrocketed 4.24 percent, Henderson Land advanced 1.24 percent, Hong Kong & China Gas climbed 2.00 percent, Industrial and Commercial Bank of China collected 2.29 percent, JD.com jumped 2.40 percent, Lenovo plunged 3.27 percent, Li Ning gained 1.00 percent, Meituan rallied 2.73 percent, New World Development gathered 0.97 percent, Techtronic Industries improved 1.55 percent, Xiaomi Corporation strengthened 2.01 percent and WuXi Biologics increased 1.28 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Friday and remained solidly in the green throughout the trading day.

The Dow surged 546.68 points or 1.65 percent to finish at 33,674.38, while the NASDAQ rallied 269.01 points or 2.25 percent to end at 12,235.41 and the S&P 500 jumped 75.03 points or 1.85 percent to close at 4,136.25. For the week, the NASDAQ rose 0.1 percent, the S&P slid 0.8 percent and the Dow fell 1.2 percent.

The rally on Wall Street partly reflected bargain hunting, as traders looked to pick up stocks at reduced levels following recent weakness.

Regional banks helped lead the recovery after ongoing concerns about turmoil in the sector weighed on the markets in recent sessions, while strong quarterly results from tech giant Apple (AAPL) fueled gains on the NASDAQ.

Traders also reacted to the Labor Department's closely watched monthly jobs report for April, which showed that job growth far exceeded estimates and the unemployment rate ticked lower.

Crude oil prices rose sharply on Friday on easing recession concerns in some of the world's major economies. West Texas Intermediate Crude oil futures for June ended higher by $2.78 or 4.1 percent at $71.34 a barrel but was down more than 7 percent for the week.

read more
UK Economy Contracts Unexpectedly On Weaker Production

UK Economy Contracts Unexpectedly On Weaker Production

The UK economy logged an unexpected contraction at the start of the year on a sharp fall in production, official data revealed on Friday. Gross domestic product shrank 0.1 percent on a monthly basis in January, following a growth of 0.4 percent in December, the Office for National Statistics reported. GDP was expected to grow 0.1 percent.
RTTNews | 4h 45min ago
Asian Shares Advance As US Shutdown Worries Ease

Asian Shares Advance As US Shutdown Worries Ease

Asian stocks ended mostly higher on Friday after U.S. Senate Minority Leader Chuck Schumer said he plans to vote for a Republican bill to fund the government through September, helping ease worries about a potential federal government shutdown.
RTTNews | 4h 52min ago
Yen Falls Amid Uncertainty Over BoJ Policy

Yen Falls Amid Uncertainty Over BoJ Policy

The Japanese yen weakened against other major currencies in the Asian session on Friday, as the Bank of Japan (BoJ) is anticipated to keep interest rates steady next week as a way to evaluate the risks of escalating U.S. trade tensions.
RTTNews | 5h 36min ago
Yen Falls Against Majors

Yen Falls Against Majors

The Japanese yen weakened against other major currencies in the Asian session on Friday.
RTTNews | 7h 26min ago
European Shares Seen Up As US Government Shutdown Worries Ease

European Shares Seen Up As US Government Shutdown Worries Ease

European stocks are likely to open higher on Friday amid signs the U.S. may avert a looming government shutdown after Senate Democratic leader Chuck Schumer announced he's ready to start the process of considering a Republican-led government funding bill that has fiercely divided Democrats.
RTTNews | 7h 45min ago
Dr. Reddy's Labs Recalls Levetiracetam In Sodium Chloride Injection

Dr. Reddy's Labs Recalls Levetiracetam In Sodium Chloride Injection

Dr. Reddy's Laboratories Ltd. is recalling Levetiracetam in 0.75% Sodium Chloride Injection in the United States citing mislabeling of infusion bag, according to the U.S. Food and Drug Administration. The recall involves one Batch/Lot No: A1540076 of Levetiracetam in 0.75% Sodium Chloride Injection, 1,000 mg/100 mL (10 mg/mL) single-dose infusion bags to the consumer level.
RTTNews | 8h 29min ago