(RTTNews) - The Hong Kong stock market rebounded strongly on Wednesday, one day after halting the two-day winning streak in which it had jumped almost 800 points or 3.3 percent. The Hang Seng Index now sits just beneath the 24,830-point plateau and it's called to open higher again on Thursday.
The global forecast for the Asian markets is upbeat on earnings optimism and support from oil and technology stocks. The European and U.S. markets were firmly higher and the Asian markets are tipped to open in similar fashion.
The Hang Seng finished sharply higher on Wednesday with gains across the board, especially among the technology, property and oil companies.
For the day, the index surged 500.50 points or 2.06 percent to finish at 24,829.99 after trading between 24,690.45 and 24,896.43.
Among the actives, AAC Technologies climbed 1.72 percent, while AIA Group rose 1.10 percent, Alibaba Group skyrocketed 6.83 percent, Alibaba Health Info strengthened 2.25 percent, ANTA Sports soared 4.61 percent, China Life Insurance collected 0.85 percent, China Mengniu Dairy climbed 3.40 percent, China Petroleum and Chemical (Sinopec) added 0.48 percent, China Resources Land improved 0.92 percent, CITIC lost 0.45 percent, CNOOC increased 0.72 percent, Country Garden spiked 4.44 percent, CSPC Pharmaceutical advanced 3.19 percent, Galaxy Entertainment was up 0.53 percent, Hang Lung Properties added 1.45 percent, Henderson Land rose 0.58 percent, Hong Kong & China Gas gained 1.16 percent, Industrial and Commercial Bank of China collected 0.62 percent, JD.com accelerated 4.34 percent, Li Ning jumped 3.92 percent, Longfor increased 0.77 percent, Meituan rallied 3.71 percent, New World Development gathered 2.64 percent, Techtronic Industries perked 1.65 percent, Xiaomi Corporation surged 4.76 percent and WuXi Biologics retreated 1.04 percent.
The lead from Wall Street is broadly positive as the major averages opened firmly higher and remained that way throughout the session.
The Dow spiked 305.28 points or 0.86 percent to finish at 35,768.06, while the NASDAQ surged 295.92 points or 2.08 percent to end at 14,490.37 and the S&P 500 gained 65.64 points or 1.45 percent to close at 4,587.18.
The rally on Wall Street came as stocks continued to recover from the sharp pullback in January, with the Dow reaching its best levels in almost a month. The major averages remain well off the record highs but have climbed well off the multi-month lows set in late January.
Upbeat earnings also contributed to the continued strength on Wall Street, led by such companies as Chipotle Mexican Grill (CMG), cannabis producer Canopy Growth (CGC) and solar energy company Enphase Energy (ENPH), while CVS Health (CVS) disappointed.
Crude oil prices moved higher Wednesday after data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for March ended higher by $0.30 or 0.3 percent at $89.66 a barrel.
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