Higher Open Anticipated For Hong Kong Shares

(RTTNews) - The Hong Kong stock market has moved higher in consecutive trading days, rallying more than 800 points or 4.5 percent along the way. The Hang Seng Index now rests just above the 18,290-point plateau and it's got a positive lead again for Monday's trade.

The global forecast for the Asian markets is positive, with bargain hunting expected in the technology sectors. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

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

For the day, the index surged 461.08 points or 2.59 percent to finish at 18,293.38 after trading between 18,020.17 and 18,317.31.

Among the actives, Alibaba Group strengthened 3.91 percent, while Alibaba Health Info jumped 4.09 percent, ANTA Sports surged 6.06 percent, China Life Insurance collected 1.81 percent, China Mengniu Dairy advanced 2.37 percent, China Resources Land spiked 4.32 percent, CITIC rallied 4.15 percent, CNOOC gained1.11 percent, Country Garden climbed 3.23 percent, CSPC Pharmaceutical rose 0.98 percent, Galaxy Entertainment added 1.73 percent, Hang Lung Properties accelerated 4.78 percent, Henderson Land skyrocketed 7.59 percent, Hong Kong & China Gas jumped 4.31 percent, Industrial and Commercial Bank of China advanced 2.75 percent, JD.com rallied 4.87 percent, Lenovo tumbled 2.26 percent, Li Ning surged 7.42 percent, Meituan spiked 4.91 percent, New World Development strengthened 4.05 percent, Techtronic Industries soared 6.96 percent, Xiaomi Corporation perked 0.96 percent and WuXi Biologics climbed 3.06 percent.

The lead from all Street is upbeat as the major averages opened higher and remained well into the green throughout the session.

The Dow rallied 247.10 points or 0.62 percent to finish at 40,000.90, while the NASDAQ climbed 115.04 points or 0.63 percent to end at 18,398.45 and the S&P 500 gained 30.81 points or 0.55 percent to close at 5,615.35.

For the week, the Dow shot up 1.6 percent, the S&P 500 jumped 0.9 percent and the NASDAQ rose 0.3 percent.

The rebound on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the steep drop on Thursday, which partly reflected a rotation out of leading tech stocks like Nvidia (NVDA).

Traders also remained optimistic about the outlook for interest rates even though the Labor Department said producer prices in the U.S. increased by slightly more than expected in June.

Oil futures settled lower on Friday, weighed down by data showing a bigger than expected increase in U.S. producer prices in June. West Texas Intermediate Crude oil futures for August ended down by $0.41 at $82.21 a barrel.