HK Stocks Post Good Gains Ahead Of US Elections

Hong Kong and most Asian markets rallied on Tuesday, tracking gains on Wall Street overnight ahead of the US presidential election.

The Hang Seng Index soared past the 25,000-point mark during trading but later pared gains to close at 24,939, nearly 2 percent higher than the previous day.

Market turnover was HK$129 billion.

The top gainer on the benchmark index was mainland optical lens maker Sunny Optical Technology, surging more than 7 percent.

Markets across the border also ended higher, led by gains in materials and financial shares as investors bet on an upbeat sales outlook for new energy cars.

On Monday, Beijing said sales of electric, plug-in hybrid and hydrogen-powered vehicles would go up, accounting for 20 percent of the country's new car sales by 2025.

Both the Shanghai Composite Index and the blue-chip CSI-300 index gained more than 1 percent.

Across the region, Seoul posted the biggest daily percentage gain in about five months, rising almost 2 percent, as strong factory output data from major economies offset concerns over a resurgence in coronavirus cases.

Australian shares closed 2 percent higher to notch their best session in nearly a month, buoyed by its central bank’s decision to slash interest rates.

Taipei and Singapore each reported gains of more than 1 percent, while Japan was closed for a holiday.