Hong Kong Stocks Soar 2 Percent In Asian Rally

Hong Kong stocks rallied on Monday, building on last week's gains as signs of an easing in virus deaths and governments lifting lockdown measures lifted hopes for a recovery from the crisis.

The Hang Seng Index climbed 2 percent, to 24,706 by the break.

On the mainland, the Shanghai Composite Index gained 0.1 percent, to 2,901 while the Shenzhen Composite Index lost early steam and was down 0.1 percent, to 1808.

Tokyo, Sydney, Taipei and Jakarta all piled on more than 1 percent.

Wellington and Seoul each rose 0.2 percent, Singapore added 0.5 percent and Manila was up 0.7 percent

Traders looked past a staggering jump in US job losses to focus on governments easing their virus lockdown measures.

Traders also took heart in figures out of badly hit countries including France, Germany and the US showing death rates continuing to sink. There is, however, the ever-present fear of another bout of infections.

Oanda's Jeffrey Halley, however, said markets would not likely be hit by such news just yet.

"With lockdowns being eased across Europe and Australasia, as well as the USA, and the rate of people dying falling in many countries, markets will likely ignore the threat of Covid-19 part two, staying with the momentum of the peak-virus trade," he said in a note. (AFP)

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