(RTTNews) – The Hong Kong stock market has moved higher in three straight trading days, advancing more than 410 points or 1.7 percent along the way. The Hang Seng Index now rests just above the 24,730-point plateau and it’s expected to see additional strength again on Wednesday.
The global forecast for the Asian markets suggests mild upside, again led by the technology stocks ahead of the Federal Reserve announcement later today. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The Hang Seng finished modestly higher on Tuesday following gains from the casinos and mixed performances from the financial shares and property stocks.
For the day, the index climbed 92.48 points or 0.38 percent to finish at 24,732.76 after trading between 24,621.65 and 24,826.87.
Among the actives, Wharf Real Estate skyrocketed 4.97 percent, while Hang Lung Properties surged 2.97 percent, Sands China soared 2.82 percent, Hengan International spiked 2.44 percent, China Resources Land accelerated 2.15 percent, AIA Group jumped 1.61 percent, CSPC Pharmaceutical climbed 1.54 percent, Galaxy Entertainment gathered 1.52 percent, Techtronic Industries perked 1.4 percent, Ping An Insurance advanced 1.35 percent, China Mengniu Dairy rallied 1.22 percent, New World Development gained 1.03 percent, Hong Kong & China Gas rose 0.88 percent, Industrial and Commercial Bank of China collected 0.47 percent, China Mobile sank 0.46 percent, CITIC dropped 0.45 percent, Power Assets added 0.36 percent, WH Group increased 0.30 percent, China Petroleum and Chemical (Sinopec) lost 0.30 percent, BOC Hong Kong fell 0.24 percent, AAC technologies slid 0.11 percent, Sino Land and Sun Hung Kai Properties both eased 0.10 percent and CNOOC, Tencent Holdings and China Life Insurance were unchanged.
The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday, although the Dow gave back almost all of its gains.
The Dow rose 2.27 points or 0.01 percent to finish at 27,995.60, while the NASDAQ spiked 133.67 points or 1.21 percent to end at 11,190.32 and the S&P 500 rose 17.66 points or 0.52 percent to close at 3,401.20.
A continued rebound by technology stocks contributed to higher close on Wall Street, with big-name companies like Tesla (TSLA), Netflix (NFLX), Oracle (ORCL) and Facebook (FB) posting standout gains.
However, trade was somewhat subdued ahead of the Federal Reserve’s monetary policy statement later today. The Fed is expected to leave interest rates unchanged, but traders will listen for any tweaks to the accompanying statement. The Fed’s latest economic projections may also be of note.
In economic news, the Fed said U.S. industrial production slowed more than expected in August. Also, the Labor Department noted an increase in U.S. import prices last month, with prices jumping by much more than expected.
Crude oil futures ended sharply higher Tuesday as news of the stoppage of energy operations in the Gulf of Mexico due to Hurricane Sally outweighed concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for October rose $1.02 or 2.7 percent at $38.28 a barrel.
A Global Asset Management Seoul Korea Magazine