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Overbought Hang Seng Called Higher On Wednesday

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(RTTNews) – The Hong Kong stock market has finished higher in three straight sessions, skyrocketing more than 2,325 points or 14.1 percent along the way. The Hang Seng Index now rests just beneath the 18,340-point plateau and it’s got another positive lead for Wednesday’s trade.

The global forecast for the Asian markets is upbeat on optimism for the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The Hang Seng finished with huge gains again on Tuesday with support across the board – especially from the properties and technology stocks.

For the day, the index surged 723.41 points or 4.11 percent to finish at 18,343.12 after trading between 17,552.30 and 18,356.78.

Among the actives, Alibaba Group soared 11.05 percent, while Alibaba Health Info surged 14.40 percent, ANTA Sports climbed 2.64 percent, China Life Insurance strengthened 2.66 percent, China Mengniu Dairy spiked 4.54 percent, China Petroleum and Chemical (Sinopec) rose 0.88 percent, China Resources Land sank 0.73 percent, CITIC jumped 4.17 percent, CNOOC gained 1.55 percent, Country Garden skyrocketed 18.20 percent, CSPC Pharmaceutical perked 0.39 percent, Galaxy Entertainment increased 1.75 percent, Hang Lung Properties rallied 4.44 percent, Henderson Land gathered 1.04 percent, Hong Kong & China Gas advanced 1.82 percent, Industrial and Commercial Bank of China collected 2.17 percent, JD.com soared 8.27 percent, Lenovo improved 1.80 percent, Li Ning strengthened 2.25 percent, Longfor added 1.65 percent, Meituan surged 6.33 percent, New World Development jumped 2.42 percent, Techtronic Industries climbed 1.90 percent, Xiaomi Corporation spiked 5.01 percent and WuXi Biologics rallied 4.75 percent.

The lead from Wall Street is positive as the major averages opened higher on Tuesday, faded midday and then bounced higher again to end in the green.

The Dow added 56.22 points or 0.17 percent to finish at 33,592.92, while the NASDAQ jumped 162.19 point or 1.45 percent to end at 11,358.41 and the S&P 500 gained 34.48 points or 0.87 percent to close at 3,991.73.

The early rally on Wall Street followed the release of a Labor Department report showing producer prices in the U.S. crept up much less than expected in October.

Following last week’s tamer-than-expected consumer price inflation report, the data added to optimism about the Federal Reserve slowing the pace of interest rate hikes as soon as next month.

However, stocks pulled back well off their best levels of the day following reports Russian missiles crossed into Poland, killing two people.

Crude oil futures settled higher Tuesday, thanks to the smaller-than-expected increase in U.S. producer prices in October. West Texas Intermediate Crude oil futures for December ended higher by $0.94 at 86.81 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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