Hong Kong Shares Rise On Alibaba Listing Report

Hong Kong shares edged up on Tuesday morning, tracking gains in European markets overnight and a report that e-commerce giant Alibaba was looking to raise US$20 billion through a second listing in the SAR.

The Hang Seng Index rose 0.5 percent, to 27,422 by the break.

"Exciting news for Hong Kong and perhaps a sign of things to come as Chinese companies look locally to raise funds instead of an unwelcoming and suspicious US," said Oanda senior market analyst Jeffrey Halley.

On the mainland, the Shanghai Composite Index rose 0.9 percent, to 2,919, while the Shenzhen Composite Index gained 0.9 percent, to 1,547.

Tokyo rose 0.4 percent and Seoul also inched up 0.1 percent but Singapore lost 0.4 percent.

The gains in Europe overnight prompted a solid open for Tokyo, with US President Donald Trump taking a softer approach in Washington's trade dispute with Japan as he wraps up his visit to the Asian ally.

"Today's Tokyo market is expected to remain well supported," Okasan Online Securities said in a commentary.

"His visit to Japan is seen as boosting Prime Minister [Shinzo] Abe's support, which is positive for the market." (AFP)

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