Hong Kong Stocks Soar As Asian Markets Rally

Hong Kong shares posted healthy gains on Tuesday as the easing of lockdown restrictions around the world was compounded by hopes for a vaccine for the coronavirus.

The Hang Seng Index rose 1.9 percent, to 24,388.

Across the border, the Shanghai Composite Index added 0.8 percent, to 2,898, but the Shenzhen Composite Index gained 1.3 percent, to 1,823.

Tokyo, Sydney, Mumbai, Taipei, Singapore and Manila climbed more than 1 percent, while Seoul and Bangkok put on more than 2 percent.

Wellington, Jakarta, Shanghai and Kuala Lumpur also advanced.

The upbeat mood also saw higher-yielding, riskier currencies rise against the US dollar, with the Australian and New Zealand dollars both up more than 1 percent, while the South Korean won was up 0.7 percent.

And with people now being allowed out of their homes, oil prices continue to rise, with WTI up about 75 percent this month and Brent around 40 percent higher.

National Australia Bank analyst Tapas Strickland said: "The key question from here is can the rally in risk sentiment be sustained? It is possible with more reports of countries/US states easing containment restrictions.

"There is also growing evidence that the global economy troughed in mid-April with high frequency data such as Apple/Google mobility pointing to a pick-up in activity. Sentiment indicators are also now starting to rebound." (AFP)