HK, Regional Stocks Rally On Biden Victory

Hong Kong and most Asian shares soared on Monday as the declaration of Joe Biden as the new US president eased uncertainty among investors and boosted hopes for a new stimulus package for the world's biggest economy.

The Hang Seng Index in Hong Kong breached the 26,000-mark at open. It gave up some of those gains later but still closed 303 points or 1.1 percent higher at 26,016.

Turnover was $168.5 billion.

The top blue-chip performer was Sunny Optical, which surged 8 percent to a new high. Smartphone equipment maker AAC Technologies also fared well, jumping 4.9 percent.

Casino shares rallied as well. Galaxy Entertainment was up 5.5 percent and Sands China gained 3.4 percent.

Across the border, the blue-chip CSI-300 index added 2 percent to finish at its highest level in more than five years, as investors look forward to better Sino-US ties with Biden as the incoming US president. Sentiment was also buoyed by strong mainland export data over the weekend.

The Shanghai Composite index added 1.9 percent, while Shenzhen advanced 2.3 percent.

The Nikkei in Japan rose 2.1 percent to a fresh 29-year high. Seoul, Taiwan, Sydney and Singapore each climbed more than 1 percent.

Biden's victory also boosted risk appetite in the currencies and commodities markets, driving oil prices higher and the US dollar lower.