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(RTTNews) – The Hong Kong stock market on Tuesday halted the two-day drop in which it fell nearly 440 points, or 1.9%. The Hang Seng index now sits just above the 23,980 point plateau and is called higher again on Wednesday.
Global forecasts for Asian markets are optimistic that worries about the virus will ease, supported by tech and oil stocks. The European and American markets were up sharply and the Asian markets are expected to open up in the same way.
The Hang Seng ended sharply higher on Tuesday following gains in properties, casinos and oil and tech stocks.
For the day, the index jumped 634.28 points or 2.72% to end at 23,983.66 after trading between 23,512.50 and 23,989.78.
Among assets, AAC Technologies gained 1.71%, while AIA Group soared 1.80%, Alibaba Group soared 12.24%, Alibaba Health Info soared 6.65%, ANTA Sports grew 1.53%, China Life Insurance collected 2.60%, China Petroleum and Chemical (Sinopec) added 1.37%, CITIC rose 1.48%, CNOOC rose 0.65%, Country Garden jumped 11.13%, CSPC Pharmaceutical improved 0.49%, Galaxy Entertainment jumped 3.38%, Hang Lung Properties gained 1.17%, Hong Kong & China Gas increased 0.34% , Industrial and Commercial Bank of China lost 0.23%, Li Ning strengthened by 3.55%, Longfor gained 3.60%, Meituan accelerated by 5.77%, New World Development increased by 0.32%, Sands China rose 6.20%, Sun Hung Kai Properties rose 0.10%, Techtronic Industries slowed 0.06%, Xiaomi Corporation rose 0.63%, WuXi Biologics gained 1.15% and China Resources Land, China Mengniu Dairy and Henderson Land remained unchanged.
Wall Street’s lead is generally positive as the main averages opened sharply higher on Tuesday and remained so throughout the session.
The Dow Jones climbed 492.40 points or 1.40% to close at 35,719.43, while the NASDAQ jumped 461.76 points or 3.03% to close at 15,686.92 and the S&P 500 jumped 95.08 points or 2.07% to finish at 4,686.75.
Mitigation of concerns about the impact of the Omicron variant of the coronavirus has contributed to Wall Street’s continued strength. The indications that the variant is causing milder symptoms have helped offset concerns that the new strain could derail the global economic recovery.
Intel (INTC) fueled the rally as the semiconductor giant jumped 3.1% to its best closing level in more than a month. Intel’s spike comes after the company announced plans to go public with its Mobileye self-driving car unit in the United States in mid-2022 through an initial public offering.
In US economic news, the Commerce Department released a report showing that the US trade deficit narrowed significantly in October against a backdrop of rising export values.
Crude oil prices rose sharply on Tuesday, taking the most active futures contracts to their highest level in two weeks amid growing optimism about the outlook for energy demand. West Texas Intermediate crude oil futures for January jumped $ 2.56 or 3.7% to $ 72.05 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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