FX.co ★ Higher Open Anticipated For Hong Kong Shares

The Hong Kong stock market has experienced an upward trend for consecutive trading days, climbing more than 800 points or 4.5 percent in total. The Hang Seng Index now positions itself just above the 18,290-point mark, carrying a positive outlook as it heads into Monday's session.

The global forecast for Asian markets is favorable, driven by anticipated bargain hunting in the technology sector. Both European and U.S. markets have seen gains, setting a precedent likely to be followed by the Asian exchanges.

On Friday, the Hang Seng Index closed significantly higher, boosted by financial shares, property stocks, and technology companies. Specifically, the index surged by 461.08 points or 2.59 percent, closing at 18,293.38, after fluctuating between 18,020.17 and 18,317.31 throughout the day.

Key performers included Alibaba Group, which strengthened by 3.91 percent, and Alibaba Health Information, which jumped 4.09 percent. ANTA Sports surged by 6.06 percent, China Life Insurance gained 1.81 percent, and China Mengniu Dairy advanced 2.37 percent. Notably, China Resources Land spiked 4.32 percent, CITIC rallied 4.15 percent, and CNOOC added 1.11 percent. Country Garden climbed 3.23 percent while CSPC Pharmaceutical rose by 0.98 percent. Others like Galaxy Entertainment and Hang Lung Properties saw increases of 1.73 percent and 4.78 percent, respectively, with Henderson Land skyrocketing by 7.59 percent. Hong Kong & China Gas jumped 4.31 percent, Industrial and Commercial Bank of China advanced 2.75 percent, and JD.com rallied by 4.87 percent. On the flip side, Lenovo tumbled 2.26 percent. Meanwhile, Li Ning surged 7.42 percent, Meituan spiked 4.91 percent, New World Development strengthened by 4.05 percent, Techtronic Industries soared 6.96 percent, Xiaomi Corporation edged up 0.96 percent, and WuXi Biologics climbed 3.06 percent.

Wall Street provided an upbeat lead as major averages rose steadily throughout the session. The Dow Jones Industrial Average rallied 247.10 points or 0.62 percent, closing at 40,000.90, while the NASDAQ composite climbed 115.04 points or 0.63 percent to end at 18,398.45. The S&P 500 gained 30.81 points or 0.55 percent, closing at 5,615.35.

For the week, the Dow gained 1.6 percent, the S&P 500 jumped 0.9 percent, and the NASDAQ rose 0.3 percent. This rebound was fueled by traders looking to acquire stocks at discounted levels following a significant drop on Thursday, which included a rotation out of leading tech stocks like Nvidia (NVDA).

Additionally, traders remained optimistic about the outlook for interest rates despite the U.S. Labor Department reporting a slightly higher-than-expected increase in producer prices for June.

In the commodities market, oil futures settled lower on Friday, hindered by data revealing a larger-than-expected increase in U.S. producer prices for June. West Texas Intermediate crude oil futures for August closed down by $0.41 at $82.21 per barrel.