HONG KONG: The Hong Kong stock market on Tuesday snapped the two-day slide in which it had plummeted more than 615 points or 2.7 percent. The Hang Seng Index now rests just above the 22,320-point plateau, and the market may add to its winnings on Wednesday.
The global forecast for the Asian markets is upbeat thanks to solid economic data and a rebound in the price of crude oil. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The Hang Seng finished modestly higher on Tuesday as gains from the insurance companies, oil companies and utilities were capped by weakness from the casinos and a mixed bag from the financial sector.
Among the actives, Li & Fung plunged 4.82 percent, while China Life spiked 2.06 percent, CITIC Limited jumped 1.76 percent, New World Development climbed 1.49 percent, AIA Group skidded 1.26 percent, Ping An perked 1.24 percent, Hong Kong & China Gas advanced 0.98 percent, Bank of China collected 0.89 percent, Sands China fell 0.87 percent, China Petroleum and Chemical (Sinopec) added 0.19 percent and Industrial and Commercial Bank of China dipped 0.22 percent.
The lead from Wall Street is positive as stocks moved higher on Tuesday, allowing the Dow to hit a fresh record closing high. The Dow rose 54.37 points or 0.3 percent to 18,923.06, while the NASDAQ jumped 57.23 points or 1.1 percent to 5,275.61 and the S&P climbed 16.19 points or 0.8 percent to 2,180.39.
The gains followed a report from the Commerce Department showing that retail sales increased by more than expected in October.
Traders also reacted to a sharp increase in the price of crude oil, with crude for December delivery spiking $2.49 to $45.81 a barrel. The spike came amid optimism that the members of OPEC will finalize an agreement on cutting production later this month.
