Hong Kong Shares Well Up At Lunch

Hong Kong stocks rallied in Tuesday's morning session, extending the previous day's advances, as traders tracked a positive lead from Wall Street with focus on the US presidential election.

The Hang Seng Index jumped 478 points or just under 2 percent at 24,938 by the break.

Asian markets also extended gains as Americans prepared to vote in one of the most keenly watched elections ever, with traders betting on a Democratic sweep of the White House and Congress that would likely see a huge new economic stimulus.

A Democratic takeover of Capitol Hill "is the key to unlocking Congress' ability to deliver significant fiscal stimulus and benefit the US and global markets at a time of need", said Axi's Stephen Innes.

The US is in dire need of a fresh rescue package as the coronavirus outbreak flares up again, threatening an already stuttering recovery in the world's top economy, with lawmakers having failed to agree anything despite months of haggling.

In early trade, Sydney rallied 1.9 percent, while Shanghai, Seoul, Taipei and Singapore were also more than 1 percent up. Jakarta and Wellington were also positive.

Tokyo was closed for a holiday.

Gorilla Trades strategist Ken Berman sounded a positive note, saying "the bullish long-term trends remain intact, and the ongoing economic recovery should also provide tailwinds for stocks in the last two months of the year". (AFP)