Hong Kong shares ended higher Tuesday, tracking Wall Street’s gains overnight, as bargain hunting more than offset worries over geopolitical tensions in North Africa, with oil producers leading the rise.
The blue-chip Hang Seng Index rose 172.68 points, or 0.8%, to 22,857.90 after trading between 22,654.22 and 22,880.59 during the session. Market volume fell to HK$73.95 billion from HK$74.20 billion Monday, as investors remain cautious on the market’s outlook, analysts said.
The Dow Jones Industrial Average surged 1.50% to 12036.53, its highest close since March 11.
Hang Seng likely face resistance at 23,000 in the near term. as Tuesday’s gains could easily be wiped out if uncertainties about the nuclear crisis in Japan resurface. They expect the blue-chip index to trade between 22,200 to 23,000 over the next few sessions.
The local market also got a boost from Japan’s Nikkei Stock Average, which extended Friday’s gains to end 4.4% higher, after nuclear concerns eased over the three-day weekend.
Shares which has a positife perform are Cathay Pacific, Cnooc, PetroChina, China Telecom, China Life, Bank of China and China Construction Bank. (DJNW)