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Hong Kong Bourse Draws Another Green Light



The Hong Kong stock market has climbed higher in consecutive trading days, accelerating more than 520 points or 2 percent along the way. The Hang Seng Index now rests just beneath the 27,000-point plateau and it's expected to crack that barrier when it opens on Tuesday.


The global forecast for the Asian markets is upbeat on renewed optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses figure to follow that lead.


The Hang Seng finished sharply higher on Monday following landslide wins by pro-democracy elements in elections over the weekend.


For the day, the index surged 397.96 points or 1.50 percent to finish at 26,993.04 after trading between 26,852.89 and 27,114.22.


Among the actives, Wharf Real Estate surged 4.68 percent, while AIA Group soared 3.62 percent, China Resources Land accelerated 2.18 percent, China Petroleum and Chemical (Sinopec) spiked 2.04 percent, CITIC jumped 2.00 percent, New World Development climbed 1.93 percent, WH Group gathered 1.83 percent, Tencent Holdings and Sino Land both perked 1.56 percent, Industrial and Commercial Bank of China collected 1.41 percent, BOC Hong Kong and Hang Seng Bank both advanced 1.31 percent, CPCS Pharmaceutical tumbled 1.30 percent, Sands China added 1.07 percent, China Mobile gained 1.06 percent, China Life Insurance rose 0.99 percent, Hong Kong & China Gas increased 0.67 percent, CNOOC was up 0.51 percent and Ping An Insurance added 0.11 percent.





The lead from Wall Street is positive as stocks showed a strong move to the upside on Monday, sending the major averages to fresh record closing highs.


The Dow added 190.85 points or 0.68 percent to 28,066.47, while the NASDAQ spiked 112.60 points or 1.32 percent to finish at 8,632.49 and the S&P 500 rose 23.35 points or 0.75 percent to 3,133.64.


The strength on Wall Street reflected continued optimism about a U.S.-China trade agreement after a tabloid run by China's ruling Communist Party discounted "negative" media reports and said the economic superpowers are "very close" to a phase one deal.

News on the merger-and-acquisition front also generated positive sentiment, as the deals suggest companies remain confident even with the uncertainty created by the U.S.-China trade dispute.


Crude oil prices moved higher Monday as worries about energy demand subsided after positive comments from the U.S. and China raised optimism about a deal between the two countries. West Texas Intermediate crude oil futures for January ended up $0.24 at $58.01 a barrel.


Closer to home, Hong Kong will release October numbers for imports, exports and trade balance later today. In September, imports were worth HKD379.33 billion and exports were at HKD347.69 billion for a trade deficit of HKD31.64 billion.