Hong Kong Stock Market Tipped To Open In The Green

(RTTNews) - The Hong Kong stock market on Friday halted the four-day losing streak in which it had stumbled almost 1,100 points or 5.2 percent. The Hang Seng Index now sits just above the 20,800-point plateau and it may see additional support on Monday.

The global forecast for the Asian market is upbeat on generally upbeat earnings news. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to also move higher.

The Hang Seng finished sharply higher on Friday with gains across the board, especially among the technology companies and property stocks.

For the day, the index surged 725.01 points or 3.61 percent to finish at 20,804.11 after trading between 20,058.67 and 20,952.99.

Among the actives, Alibaba Group added 2.03 percent, while Alibaba Health Info skyrocketed 9.16 percent, ANTA Sports strengthened 3.75 percent, China Life Insurance soared 6.52 percent, China Mengniu Dairy and CITIC both accelerated 4.51 percent, China Resources Land rallied 3.97 percent, CNOOC dipped 0.11 percent, CSPC Pharmaceutical surged 8.06 percent, Galaxy Entertainment improved 3.09 percent, Haier Smart Home advanced 3.13 percent, Hang Lung Properties climbed 3.72 percent, Henderson Land gained 1.93 percent, Hong Kong & China Gas rose 1.47 percent, Industrial and Commercial Bank of China collected 1.91 percent, JD.com increased 2.65 percent, Lenovo accelerated 6.24 percent, Li Auto jumped 4.73 percent, Li Ning climbed 3.58 percent, Meituan surged 8.93 percent, New World Development advanced 3.28 percent, Nongfu Spring rallied 5.29 percent, Techtronic Industries strengthened 4.39 percent, Xiaomi Corporation spiked 6.28 percent and WuXi Biologics soared 8.70 percent.

The lead from Wall Street is positive as the major averages opened mixed on Friday but moved steadily higher as the day progressed, ending near session highs.

The Dow added 36.86 points or 0.09 percent to finish at a fresh record of 43,275.91, while the NASDAQ climbed 115.94 points or 0.63 percent to end at 18,489.55 and the S&P 500 rose 23.20 points or 0.40 percent to close at 5,864.67. For the week, the Dow added 1.0 percent, the S&P gained 0.9 percent and the NASDAQ rose 0.8 percent.

The NASDAQ benefitted from a sharp increase by shares of Netflix (NFLX), as the streaming giant soared by 11.1 percent to a record closing high after the company reported Q3 results that beat estimates on both the top and bottom lines.

Meanwhile, a steep drop by shares of American Express (AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent after the company reported Q3 earnings that beat expectations but weaker than expected revenues.

In U.S. economic news, the Commerce Department reported a modest pullback by housing starts and building permits in September.

Oil prices fell on Friday following downward revisions in oil demand forecast from OPEC and the International Energy Agency. West Texas Intermediate crude oil futures for November sank $1.45 or 2.05 percent at $69.22 a barrel. WTI crude futures fell more than 8 percent in the week.