Win Streak May Continue For Hong Kong Shares

(RTTNews) - The Hong Kong stock market has moved higher in three consecutive trading days, collecting almost 750 points or 3 percent along the way. The Hang Seng Index now rests just beneath the 26,400-point plateau and it may see additional support on Friday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to hostilities in the Middle East. The European and U.S. markets were mostly higher and the Asian bourses are expected to open in similar fashion.

The Hang Seng finished sharply higher again with gains across the board, especially among the financial shares, property stocks and technology companies.

For the day, the index rallied 446.94 points or 1.72 percent to finish at 26,394.26 after trading between 26,122.80 and 26,403.07.

The lead from Wall Street is positive as the major averages survived early weakness on Thursday and moved modestly up into the green and remained that way to the close.

The Dow climbed 1.15.00 points or 0.24 percent to finish at 48,578.72. while the NASDAQ added 86.69 points or 0.36 percent to close at a record 24,102.70 and the S&P 500 rose 18.33 points or 0.26 percent to end at 7,041.28, also a record.

Traders continued to express optimism about a second round of peace talks between the U.S. and Iran, although a new meeting has not been officially announced.

Adding to the positive sentiment, President Donald Trump announced in a post on Truth Social that Israel and Lebanon have agreed to a 10-day ceasefire.

In U.S. economic news, the Federal Reserve released a report showing industrial production in the U.S. unexpectedly decreased last month.

Crude oil prices surged on Thursday as concerns of supply disruptions continue despite upcoming peace talks between the U.S. and Iran to end the month-long gulf war. West Texas Intermediate crude for May delivery was up $3.45 or 3.78 percent at $94.74 per barrel.