The Hong Kong stock market has continued its upward trend for three consecutive sessions, experiencing a nearly 1,260 point gain, or an 8.3 percent surge. Currently, the Hang Seng Index sits just over the 16,210-point mark, and is expected to continue this positive trajectory into Friday.
Predictions for the Asian markets are optimistic, given the robust economic data and a notable growth in crude oil prices. With European and U.S. markets also having seen an upward trend, it is expected that Asian markets will follow a similar progression.
On Thursday, the Hang Seng finished with a substantial gain, bolstered by successes in the financial, real estate, and technology sectors.
On the day in question, the index experienced a gain of 312.09 points, or 1.96 percent, ending at 16,211.96, after vacillating between 15,828.93 and 16,254.93.
Notable activity saw Alibaba Group increase by 1.03 percent, Alibaba Health Info gain 0.31 percent, ANTA Sports rise 1.07 percent, China Life Insurance surge by 3.65 percent, China Mengniu Dairy improve by 1.41 percent, China Resources Land jump 5.65 percent, CITIC and CSPC Pharmaceutical both rally by 3.04 percent, CNOOC spike by 4.79 percent, Country Garden shoot up by 7.46 percent, ENN Energy soar by 12.41 percent, Galaxy Entertainment grow by 0.74 percent, Hang Lung Properties increase by 2.82 percent, Henderson Land decrease slightly by 0.47 percent, Hong Kong & China Gas expand by 1.63 percent, Industrial and Commercial Bank of China increase by 2.41 percent, JD.com gain 3.43 percent, Lenovo strengthen by 2.19 percent, Li Ning rise remarkably by 3.97 percent, Meituan decline by 1.28 percent, New World Development progress by 0.96 percent, Techtronic Industries decrease slightly by 0.22 percent, Xiaomi Corporation grow by 0.29 percent and lastly, WuXi Biologics advanced by 2.04 percent.
According to Wall Street, the outlook is promising with the major averages opening considerably stronger, experiencing a midday slump but managing to end on a positive note.
The Dow experienced noticeable growth, rising 242.74 points or 0.64 percent to end at 38,049.13. Similarly, the NASDAQ increased by 28.58 points or 0.18 percent, closing at 15,510.50, while the S&P 500 rose by 25.61 points or 0.53 percent, ending at an all-time high of 4,894.16.
The surge in Wall Street can be attributed to the release of a report from the Commerce Department that showed a stronger-than-anticipated U.S. economic growth, alongside a slow-down in the inflation rate for the fourth quarter of 2023.
However, investment activity did wane as the session progressed, with traders looking towards Friday's personal income and spending report which could significantly impact the interest rates' outlook.
Oil prices witnessed a sharp increase on Thursday, further bolstered by Wednesday's data revealing a larger-than-expected decrease in U.S. crude inventory. Consequently, West Texas Intermediate Crude oil futures for March surged $2.27, or 3 percent, ending at $77.36 a barrel.
