Hong Kong Stocks Rise As Asian Markets Extend Rally

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2020-06-02 HKT 12:33

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  • Investors are looking past China-US tensions as countries start easing lockdown measures. Image: Shutterstock

    Investors are looking past China-US tensions as countries start easing lockdown measures. Image: Shutterstock

Shares in Hong Kong finished the morning session on a positive note in line with gains across Asia as investors look past China-US tensions and focus on the easing of lockdown measures in several countries.

The Hang Seng Index added 0.4 percent, to 23,823.

On the mainland, the Shanghai Composite Index slipped 0.1 percent, to 2,912, while the Shenzhen Composite Index also lost 0.1 percent, to 1,840.

Tokyo rose 0.8 percent, while Seoul was up 0.5 percent after data showed South Korea's economy shrank less than first thought in the first quarter.

Singapore rose more than 1 percent as the city began easing its own shutdown measures and Manila also climbed more than 1e percent. There were healthy gains in Jakarta, 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.

"It seems that Friday’s press conference by the president might have marked the end of the escalation between the two countries, at least for now," said Gorilla Trades strategist Ken Berman.

"That said, the issue of Hong Kong remains in the spotlight, and the conflict still has the potential to move the market in the coming weeks."

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, with Trump threatening to send soldiers into the streets. (AFP)