Hong Kong Bourse Expected To Bounce Higher

(RTTNews) - Ahead of Friday's holiday for Tomb Sweeping Day, the Hong Kong stock market had halted the seven-day winning streak in which it had surged more than 1,400 points or 4.7 percent. The Hang Seng Index now rests just above the 29,930-point plateau although it's likely to see a mild rebound on Monday.

The global forecast for the Asian markets is upbeat on solid economic data and trade optimism. The European and U.S. markets were higher on Friday and the Asian bourses are tipped to follow suit.

The Hang Seng finished slightly lower on Thursday as losses from the oil companies were mitigated by support from the casinos and insurance stocks.

For the day, the index dipped 50.07 points or 0.17 percent to finish at 29,936.32 after trading between 29,765.55 and 30,050.91.

Among the actives, China Mengniu Dairy surged 1,74 percent, while CNOOC plummeted 1.64 percent, WH Group soared 1.60 percent, Techtronic Industries spiked 1.42 percent, CSPC Pharmaceutical jumped 1.19 percent, AIA Group tumbled 1.05 percent, AAC Technologies climbed 1.00 percent, Galaxy Entertainment advanced 0.91 percent, New World Development skidded 0.86 percent, Hong Kong & China Gas dropped 0.83 percent, China Mobile slid 0.69 percent, CITIC shed 0.66 percent, China Petroleum and Chemical (Sinopec) lost 0.47 percent, Sands China added 0.47 percent, China Life Insurance collected 0.46 percent, BOC Hong Kong rose 0.43 percent, Ping An Insurance was up 0.33 percent and Industrial and Commercial Bank of China was unchanged.

The lead from Wall Street is positive as stocks opened modestly higher on Friday and remained in the green throughout the session.

The Dow added 40.36 points or 0.15 percent to 26,424.99, while the NASDAQ gained 46.91 points or 0.59 percent to 7,938.69 and the S&P 500 rose 13.35 points or 0.46 percent to 2,892.74. For the week, the Dow added 1.9 percent, the NASDAQ jumped 2.7 percent and the S&P rose 2.1 percent.

The initial strength on Wall Street came in reaction to the Labor Department report showing a significant jump in the pace of U.S. job growth in March.

The markets maintained a positive bias amid continued indications of progress in U.S.-China trade talks after the latest round of high-level negotiations.

Crude oil futures ended higher on Friday, supported by OPEC-led supply cuts. West Texas Intermediate crude oil futures for May ended up $0.98 or 1.6 percent at $63.08 a barrel.
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