Hong Kong Bourse Draws Positive Lead For Thursday

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(RTTNews.com) - The Hong Kong stock market has climbed higher in consecutive trading days, gathering more than 1,050 points or 3.1 percent. The Hang Seng Index now rests just above the 30,515-point plateau and it"s expected to add to its winnings again in Thursday"s half-session before the long Lunar New Year weekend.

The global forecast for the Asian markets is upbeat, thanks mainly to a solid bounce in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The Hang Seng finished sharply higher on Wednesday following gains from the financials, properties, casinos and oil and insurance companies.

For the day, the index surged 676.07 points or 2.27 percent to finish at 30,515.60 after trading between 29,968.54 and 30,637.23.

Among the actives, BOC Hong Kong soared 4.28 percent, while China Resources Land spiked 3.16 percent, Industrial and Commercial Bank of China collected 3.51 percent, Sun Hung Kai Properties climbed 2.86 percent, Tencent Holdings advanced 2.65 percent, New World Development gathered 2.29 percent, Sands China jumped 2.21 percent, Ping An Insurance was up 2.19 percent, China Petroleum and Chemical (Sinopec) perked 1.84 percent, Galaxy Entertainment added 1.78 percent, Lenovo Group gained 1.31 percent, Hong Kong & China Gas picked up 0.95 percent, CNOOC climbed 0.91 percent, China Life collected 0.66 percent and WH Group lost 0.55 percent.

The lead from Wall Street is positive as stocks shrugged off early weakness before moving sharply higher on Wednesday, adding to gains posted in the three previous sessions.

The Dow jumped 253.04 points or 1.03 percent to 24,893.49, while the NASDAQ soared 130.10 points or 1.86 percent to 7,143.62 and the S&P surged 35.69 points or 1.34 percent to 2,698.63.

In economic news, the Labor Department reported a bigger than expected increase in consumer prices in January. Also, the Commerce Department noted an unexpected decrease in retail sales in January.

Crude oil futures nudged back above $60 a barrel Wednesday as a relatively small build in U.S. oil stockpiles helped crude oil rebound from recent losses. Nymex March oil futures were 2.4 percent higher at $60.60 a barrel, moving back towards January"s four-year peak near $66.

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