Additional Support Tipped For Hong Kong Shares

The Hong Kong stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day winning streak in which it had advanced almost 180 points or 0.7 percent. The Hang Seng Index now rests just above the 26,500-point plateau and it’s expected to add to its winnings on Monday.

The global forecast for the Asian markets is broadly positive after the United States and China agreed to a truce in their trade war. The European markets were down and the U.S. bourses were up and the Asian markets are tipped for follow the latter lead.

The Hang Seng finished slightly higher on Friday following gains from the financial shares and oil companies.

For the day, the index picked up 55.72 points or 0.21 percent to finish at 26,506.75 after trading between 26,396.62 and 26,683.25.

Among the actives, CNOOC surged 3.74 percent, while New World Development plummeted 2.05 percent, WH Group plunged 1.89 percent, Sun Hung Kai Properties tumbled 1.59 percent, China Mobile spiked 1.50 percent, Hong Kong & China Gas jumped 1.15 percent, Galaxy Entertainment skidded 0.93 percent, China Petroleum and Chemical (Sinopec) climbed 0.91 percent, Industrial and Commercial Bank of China collected 0.72 percent, Ping An Insurance dipped 0.13 percent, China Life Insurance added 0.12 percent and Tencent Holdings and CSPC Pharmaceutical were unchanged.

The lead from Wall Street is upbeat as stocks shrugged off an early move to the downside on Friday, rebounding to finish in the green.

The Dow added 199.62 points or 0.79 percent to 25,538.46, the NASDAQ gained 57.45 points or 0.79 percent to 7,330.54 and the S&P was up 22.41 points or 0.82 percent to 2,760.17. For the week, the NASDAQ surged 5.6 percent, the Dow spiked 5.1 percent and the S&P added 4.8 percent.

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