The stock market in Hong Kong is trading in positive territory on Tuesday morning, led by financial stocks and china-related stocks on expectations of global recovery. Positive announcements in mainland China and expectations of another stimulus package to revive the Chinese economy also lifted the market sentiment. The major indices in the US closed mixed as investors preferred to take profits amid some uncertainty about the impending earnings season.
The Dow closed down 25.57 points or 0.3% at 8,058, while the Nasdaq closed up 0.77 points or 0.1% at 1,653 and the S&P 500 closed up 2.17 points or 0.3% at 859.
In Asian trading, crude oil is currently down $0.17 at $49.88 a barrel in electronic trading. Light sweet crude for May delivery dropped $2.19 to $50.05 a barrel on Monday, after the International Energy Agency lowered its projection of global demand for this year. Demand worries also heated up amid concern over upcoming earnings reports.
The benchmark Hang Seng Index opened strongly 15,302, compared to its previous close of 14,902, and is presently trading at 15,346, up 444.22 points, or 2.98%.
Bank stocks are the major gainers. HSBC Holdings is gaining 3.83%, Hang Seng Bank is adding 1.02%, Bank of Communications is advancing 4.28%, Bank of China is rising 5.32% and Bank of East Asia is surging 7.88%. BOC Hong Kong is up more than 8.84%. Other banks are also trading in positive territory.
Insurance stocks are also advancing. Ping An is gaining 1.24% and China Life is adding 1.25%.
Among property stocks, Henderson Land is gaining 5.05%, Wharf Holdings is edging up 2.08%, SHK Properties is adding 2.44%, New World Development is rising 4.57% and Sino Land is advancing 3.93%. Other property stocks such as Hang Lung Property and Sinopec Corp. are also trading in positive territory..
Resource stocks are trading higher. Aluminum Corporation of China, or CHALCO, is soaring 9.06%, CNOOC is gaining 6.75% and PetroChina is adding 3.21%.
China-related stocks are also advancing. China Resources is adding 2.06%, China Mercantile Holdings is gaining 6.41% and China Overseas is moving up 1.52%.
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