FX.co ★ Overbought Heng Seng Nonetheless Called Higher On Monday

The Hong Kong Stock Market has experienced an increase for five consecutive sessions, with a nearly 1,470 points, or 8.7 percent surge. Currently sitting just above the 17,650 point mark, the Hang Seng Index is showing a strong lead, indicating a promising prospect for trading on Monday.

With optimistic inflation data and support from the oil and technology sectors, the global forecast for Asian markets is also positive. European and U.S. markets have been performing well and it's expected that Asian markets will follow suit.

On Friday, the Hang Seng Index performed exceptionally, making significant gains across the board, but particularly with technology and property stocks ending the day 366.65 points, or 2.12 percent higher, at 17,651.15 from a trading range of 17,336.20 to 17,758.24.

Other notable movers included Alibaba Group, which saw a 3.15 percent rise, while Alibaba Health Info soared 7.27 percent and ANTA Sports saw an increase of 1.12 percent. Other successes included China Life Insurance (1.78 percent), China Mengniu Dairy (2.03 percent), and China Resources Land which surged by 6.72 percent.

In Wall Street, the major averages opened on a high note on Friday and sustained that momentum throughout the trading day. The NASDAQ surged 316.10 points or 2.02 percent, the Dow climbed 153.86 points or 0.40 percent, and the S&P 500 rallied 51.54 points or 1.02 percent.

Impressive weekly performances were also recorded with the NASDAQ spiking 4.2 percent, the S&P 500 jumping 2.7 percent, and the Dow experiencing a 0.7 percent increase.

The promising performance was partly due to positive reactions to the latest earnings reports from tech giants like Alphabet, Microsoft, and Snap. Also contributing to the positive vibe were the inflation readings released by the Commerce Department, showing a steady increase in U.S. consumer prices in March, matching estimates.

In the commodities market, oil prices increased slightly on Friday, inspired by positivity towards the outlook for oil demand and concerns about supply. West Texas Intermediate Crude futures for June ended higher at $83.85 a barrel, marking a 0.85 percent increase over the week.