Hang Seng Index Extends Its Strong Show

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2020-06-02 HKT 16:31

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  • Investors appeared to brush off news that Beijing has asked some firms to stop buying US farm goods. File photo: RTHK

    Investors appeared to brush off news that Beijing has asked some firms to stop buying US farm goods. File photo: RTHK

Hong Kong shares enjoyed more healthy gains on Tuesday, building on the previous day's more than 3 percent surge, as the easing of lockdowns trumped worries about China-US tensions.

The Hang Seng Index climbed 1.1 percent, to 23,995.

Across the border, the Shanghai Composite Index rose 0.2 percent, to 2,921 while the Shenzhen Composite Index also added 0.2 percent, to 1,846.

Tokyo and Seoul rose more than 1 percent after data showed South Korea's economy shrank less than first expected in the first quarter.

Mumbai jumped 0.9 percent and Sydney put on 0.3 percent, with Taipei 0.4 percent higher.

Kuala Lumpur, Manila and Wellington piled on more than 1 percent and Jakarta rallied more than 2 percent

Singapore rose 1.8 percent as the city began easing its own shutdown measures, and Manila also climbed more than 1 percent. There were healthy gains in Wellington and Taipei, though Sydney was slightly lower.

Investors appeared to brush off news that China had ordered its state-run agricultural firms to temporarily halt buying some US farm goods, which raised questions about the impact on the countries' trade pact signed in January.

"Digging a little deeper, private companies were not issued the same orders and the exercise ... appears to be more a shot across the bows of the US over Hong Kong, and not an imminent threat of withdrawal from the US-China trade agreement," said Oanda's Jeffrey Halley.

Observers are keeping tabs on violent protests gripping some of the United States' biggest cities following the killing of a black man by a police officer.

The demonstrations have also fanned worries about a spike in Covid-19 infections, which could hamper the easing of lockdowns. (AFP)