Hong Kong Bourse May Test Resistance At 27,000 Points

The Hong Kong stock market on Friday ended the two-day slide in which it had tumbled almost 800 points or 3 percent. The Hang Seng Index now rests just above the 25,625-point plateau and it’s called higher again on Monday.

The global forecast for the Asian markets is upbeat following solid U.S. employment data and an encouraging outlook for interest rates. The European and U.S. markets were sharply higher on Friday and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished sharply higher on Friday with gains across the board – especially among the oil companies, casinos and properties.

For the day, the index soared 561.67 points or 2.24 percent to finish at 25,626.03 after trading between 24,924.73 and 25,626.03.

Among the actives, CSPC Pharmaceutical skyrocketed 10.14 percent, while CNOOC surged 5.23 percent, Henderson Land soared 5.04 percent, New World Development spiked 4.91 percent, Sun Hung Kai Properties jumped 4.82 percent, China Mobile climbed 3.64 percent, WH Group perked 2.81 percent, AIA Group and China Resources Land both gathered 2.59 percent, China Life advanced 2.37 percent, Sands China rose 2.13 percent, Tencent Holdings gained 1.84 percent, CITIC and China Petroleum and Chemical (Sinopec) both added 1.81 percent, Galaxy Entertainment was up 1.78 percent, Industrial and Commercial Bank of China collected 1.47 percent and Hong Kong & China Gas picked up 0.62 percent.

The lead from Wall Street is broadly positive as stocks surged to the upside on Friday, more than offsetting the sharp pullback a day earlier.

The Dow surged 746.94 points or 3.29 percent to 23,433.16, while the NASDAQ soared 275.35 points or 4.26 percent to 6,738.86 and the S&P jumped 84.05 points or 3.43 percent to 2,531.94. For the week, the Dow added 1.6 percent, the NASDAQ gained 2.3 percent and the S&P

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