The Hong Kong stock market bounced higher again on Monday, one session after it had halted the two-day winning streak in which it had advanced almost 180 points or 0.7 percent. The Hang Seng Index now rests just above the 26,375-point plateau and it's called higher again on Tuesday.
The global forecast for the Asian markets is upbeat on surging crude oil prices and global trade optimism. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The Hang Seng finished sharply higher on Monday with gains across the board - especially from the properties and casinos.
For the day, the index surged 448.50 points or 1.73 percent to finish at 26,376.18 after trading between 26,031.90 and 26,413.76.
Among the actives, Galaxy Entertainment surged 4.39 percent, while New World Development soared 3.70 percent, Sino Land spiked 3.29 percent, BOC Hong Kong collected 2.69 percent, China Mobile jumped 2.44 percent, Tencent Holdings climbed 2.34 percent, China Life perked 1.96 percent, Hong Kong & China Gas gathered 1.95 percent, Sands China and Industrial and Commercial Bank of China both advanced 1.85 percent, AIA Group added 1.80 percent, CSPC Pharmaceutical gained 1.26 percent, Ping An Insurance was up 1.14 percent, WH Group climbed 1.00 percent, CNOOC picked up 0.95 percent and China Petroleum and Chemical (Sinopec) added 0.15 percent.
The lead from Wall Street is broadly positive and stocks opened sharply higher on Monday and remained in the green throughout the session, offsetting last week's selloff.
The Dow jumped 354.29 points or 1.46 percent to 24,640.24, while the NASDAQ soared 142.87 points or 2.06 percent to 7,081.85 and the S&P climbed 40.89 points or 1.55 percent to 2,673.45.
The rebound on Wall Street came as traders looked to pick up stocks at reduced levels on the heels of recent weakness.
Traders are also looking ahead to a meeting between President Donald Trump and Chinese President Xi Jinping later this week. Trump and Xi are due to meet at the G20 summit in Buenos Aires, Argentina, beginning on Friday - looking for signs of progress on a potential trade deal.
Crude oil prices rebounded on Monday on hopes OPEC members will cut production to prevent a supply glut in the market. U.S. West Texas Intermediate crude futures for January ended up $1.21 or 2.4 percent at $51.63 a barrel.
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