HSI Gains As Asian Markets Start The Week Strongly

Hong Kong stocks started the week with gains on Monday, tracking advances across Asia, as countries continue to ease up on lockdown measures that have dragged on the global economy.

The Hang Seng Index rose 0.6 percent, to 23,934.

On the mainland, the Shanghai Composite Index added 0.2 percent, to 2,875 but the Shenzhen Composite Index eased 0.4 percent, to 1,800.

Tokyo ended 0.5 percent higher and Sydney jumped more than 1 percent.

Singapore added 0.9 percent and Seoul was 0.5 percent higher, while there were also gains in Wellington, Bangkok and Jakarta.

But Manila dropped more than 1 percent and Mumbai shed almost 3 percent after the Indian government extended its lockdown until May 31.

"With the worst of the pandemic likely behind us, central bank-supported equity markets are unlikely to re-test their lows," said Seema Shah at Principal Global Investors.

But she added that "while reopening momentum may well carry risk assets a bit higher over the near term, the tepid economic recovery and deep uncertainty over the virus outlook argue against a pivot to more risk-on positioning". (AFP)