HSI Edges Up As Asian Stock Markets Gain

Hong Kong stocks went into the break on Wednesday on a positive note, extending a rally into its third day, with confidence buoyed by an easing of lockdown restrictions in some of the worst-hit parts of the world.

The Hang Seng Index edged up 0.3 percent, to 24,641.

On the mainland, the Shanghai Composite Index gained 0.5 percent, to 2,823, while the Shenzhen Composite Index edged up 0.1 percent, to 1,734.

Most other Asian markets rose, though the advances remain capped by concern that the reopenings could spark a second wave of infections.

Sydney, Seoul and Taipei were all up more than 1 percent.

Manila, Jakarta and Singapore were also in positive territory, though Wellington was hit by profit-taking following a more than 3 percent surge on Tuesday.

Tokyo was closed for a public holiday.

"The whole idea of returning to work has aroused the fancy of many an investor. And while no one expects the global economy to immediately time shift back to January 2020, market reopenings are positive," said Stephen Innes of AxiCorp.

However, he did warn that "over the next few weeks, markets are going to struggle for direction while the debate over easing lockdown restrictions continues".

"Fundamentally, investors are caught in the same pickle as governments who have to balance the economic risks with the chances of the second round of infections", he said. (AFP)

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