The Hong Kong stock market has climbed higher in two straight sessions, advancing more than 500 points or 1.8 percent along the way. The Hang Seng Index now rests just beneath the 28,690-point plateau and it's expected to open higher again on Tuesday.
The global forecast for the Asian is positive thanks to easing trade war concerns and support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.
The Hang Seng finished sharply higher on Monday with gains across the board - particularly among the financials, casinos, properties and oil and insurance stocks.
For the day, the index spiked 372.88 points or 1.32 percent to finish at 28,688.50 after trading between 28,518.52 and 28,821.54.
Among the actives, Galaxy Entertainment surged 5.13 percent, while CSPC Pharmaceutical soared 4.57 percent, Sands China spiked 4.32 percent, WH Group jumped 3.23 percent, China Life climbed 2.61 percent, China Petroleum and Chemical (Sinopec) advanced 2.18 percent, Ping An Insurance perked 1.79 percent, China Mobile and Henderson Land both gathered 1.58 percent, Industrial and Commercial Bank of China collected 1.45 percent, Hong Kong & China Gas added 1.32 percent, CNOOC gained 1.11 percent and New World Development was up 0.91 percent.
The lead from Wall Street is firm as stocks moved sharply higher on Monday, extending the strong upward move in the previous session.
The Dow soared 320.11 points or 1.31 percent to 24,776.59, while the NASDAQ advanced 67.81 points or 0.88 percent to 7,756.20 and the S&P 500 climbed 24.35 points or 0.88 percent to 2,784.17.
Traders continued to react positively to last week's Labor Department report showing stronger than expected job growth in June.
Banking stocks showed a substantial move to the upside, as did oil service stocks. Crude oil prices saw mild upside Monday on a light data day that saw the dollar little changed. August WTI settled at $73.85/bbl, up five cents.
by P2PNews Staff Writer