Hong Kong Stock Market May Run Out Of Steam On Monday

(RTTNews) - The Hong Kong stock market has climbed higher in four straight sessions, surging more than 2,400 points or 12.4 percent along the way. The Hang Seng Index now sits just above the 20,630-point plateau although it may see profit taking on Monday.

The global forecast for the Asian markets suggests little movement amidst a lack of catalysts. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

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

For the day, the index soared 707.70 points or 3.55 percent to finish at 20,632.30 after trading between 20,268.63 and 20,743.20.

Among the actives, Alibaba Group strengthened 4.86 percent, while Alibaba Health Info soared 5.64 percent, ANTA Sports rallied 5.12 percent, China Life Insurance accelerated 5.15 percent, China Mengniu Dairy surged 14.94 percent, China Resources Land jumped 5.08 percent, CITIC improved 2.40 percent, CNOOC added 0.98 percent, CSPC Pharmaceutical climbed 3.48 percent, Galaxy Entertainment spiked 8.78 percent, Haier Smart Home and Techtronic Industries both advanced 2.54 percent, Hang Lung Properties strengthened 4.48 percent, Henderson Land fell 2.19 percent, Hong Kong & China Gas increased 2.33 percent, Industrial and Commercial Bank of China tumbled 2.48 percent, JD.com soared 9.75 percent, Lenovo accelerated 5.81 percent, Li Auto gained 0.86 percent, Li Ning rallied 5.07 percent, Meituan spiked 8.15 percent, New World Development skyrocketed 21.61 percent, Nongfu Spring jumped 3.86 percent, Xiaomi Corporation collected 2.09 percent and WuXi Biologics surged 15.30 percent.

The lead from Wall Street offers little clarity as the major averages opened slightly higher on Friday but wound up mixed and little changed.

The Dow climbed 137.89 points or 0.33 percent to finish at a record 42,313,00, while the NASDAQ slumped 70.70 points or 0.39 percent to close at 18,119.59 and the S&P 500 dipped 7.20 points or 0.13 percent to end at 5,738.17. For the week, the NASDAQ climbed 1.0 percent and the Dow and S&P both rose 0.6 percent.

The mixed performance on Wall Street came following the release of closely watched readings on U.S. consumer price inflation in August.

The Commerce Department said its personal consumption expenditures price index inched up by 0.1 percent in August after rising 0.2 percent in July. The uptick matched expectations.

Oil futures closed higher on Friday as additional stimulus measures from the Chinese government eased concerns about the outlook for demand. West Texas Intermediate Crude oil futures for November added $0.51 or at $68.18 a barrel.