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Hong Kong Bourse May See Additional Support

(RTTNews) - The Hong Kong stock market has finished higher in two of three trading days since the end of the three-day slide in which it had fallen almost 630 points or 2.3 percent. The Hang Seng Index now rests just above the 27,350-point plateau and it's looking at another green light again on Monday.

The global forecast for the Asian markets is upbeat on easing trade concerns and a rebound in crude oil prices. The European and U.S. markets were up on Friday and the Asian bourses re tipped to open in similar fashion.

The Hang Seng finished modestly higher on Friday following gains from the financials, properties and technology stocks.

For the day, the index gained 86.80 points or 0.32 percent to end at 27,353.93 after trading between 27,291.94 and 27,457.59.

Among the actives, Sands China plummeted 3.05 percent, while Techtronic Industries surged 2.99 percent, AAC Technologies soared 1.82 percent, China Mobile spiked 1.80 percent, WH Group jumped 1.37 percent, AIA Group climbed 0.73 percent, Ping An Insurance, New World Development and BOC Hong Kong all advanced 0.66 percent, CSPC Pharmaceutical gathered 0.62 percent, Industrial and Commercial Bank collected 0.54 percent, China Mengniu Dairy dropped 0.51 percent, Tencent Holdings shed 0.37 percent, Galaxy Entertainment added 0.32 percent, Hong Kong & China Gas rose 0.20 percent, CITIC gained 0.19 percent, China Petroleum and Chemical (Sinopec) was up 0.18 percent and China Life Insurance and CNOOC were unchanged.

The lead from Wall Street is positive as stocks opened higher on Friday. They pulled back from session highs but remained in the green, cutting into recent losses.

The Dow added 95.22 points or 0.37 percent to finish at 25,585.69, while the NASDAQ rose 8.73 points or 0.11 percent to 7,637.01 and the S&P gained 3.82 points or 0.14 percent to 2,826.06. For the week, the Dow shed 0.7 percent, the NASDAQ lost 2.3 percent and the S&P fell 1.2 percent.

Bargain hunting contributed to the early strength on Wall Street as traders looked to pick up stocks at reduced levels following Thursday's steep losses.

The markets also benefited from easing trade concerns as President Donald Trump said he remains hopeful of a U.S.-China trade deal, noting he will meet with Chinese President Xi Jinping at the G20 summit next month.

The subsequent pullback by stocks was partly due to news that J.P. Morgan economists slashed their second quarter GDP growth forecast to 1 percent from 2.25 percent.

Crude oil futures moved higher Friday, rebounding from recent losses, after trade worries faded. West Texas Intermediate Crude oil futures for June ended up $0.72 or 1.2 percent at $58.63 a barrel.

Closer to home, Hong Kong will provide April data for imports, exports and trade balance later today. In March, imports were worth HKD402.88 billion and exports were at HKD343.64 billion for a trade deficit of HKD59.24 billion.
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