The Hong Kong stock market has been on an upward trend for nine consecutive sessions, accumulating over 2,270 points or a 13.3 percent increase in the process. Currently, the Hang Seng Index has just surpassed the 18,475-point mark and is expected to continue to rise on Monday.
Global prospects for Asian markets look promising due to an improved outlook regarding interest rates. Markets in Europe and the US have ended on a high note, and it is anticipated that Asian markets will follow suit.
The Hang Seng Index finished strong on Friday, with significant gains observed across all sectors, with financial, technology and property industries being particularly noteworthy. For that specific day, the index had a rally of 268.82 points or 1.48 percent to close at 18,475.92, with trade oscillating between 18,362.22 and 18,604.17.
Key players including Alibaba Group and ANTA Sports saw a surge of 4.07 percent and a rally of 2.86 percent, respectively. Other significant advancements include China Life Insurance which saw a 3.70 percent rise, while China Resources Land and Hong Kong & China Gas both climbed 1.51 percent. Additionally, JD.com soared by a remarkable 5.48 percent. On the other hand, China Mengniu Dairy sank slightly by 0.59 percent.
Wall Street also showed strength as major averages opened significantly higher on Friday and maintained the momentum throughout. The Dow increased by 449.98 points or 1.18 percent, the NASDAQ by 315.33 points or 1.99 percent, and the S&P 500 advanced by 63.59 points or 1.26 percent.
This upswing was largely due to recent data from the U.S Labor Department showing less-than-expected employment growth in April, which sparked optimism about the future of interest rates, especially in the light of the Federal Reserve's latest monetary policy meeting. An unexpected contraction in the U.S service sector in April, according to a separate report, further fed into this trend.
Contrastingly, oil prices experienced a decline on Friday due to uncertainties related to the global oil demand outlook. The active futures contract for West Texas Intermediate Crude oil for June delivery fell by $0.84 or 1.06 percent to end at $78.11 per barrel.
