Local Stocks Head North In Morning Session

Hong Kong stocks finished Monday morning with gains following a rally on Wall Street last Friday, though traders remain on edge as a spike in virus infections forces some governments around the world to reimpose containment measures.

The Hang Seng Index added 0.74 percent, or 170 points, to 23,406.

Most Asian stocks were also in positive territory. Tokyo ended the morning session 0.7 percent higher, while Seoul and Taipei both rallied more than 1 percent. Shanghai, Sydney, Singapore and Manila were also higher.

There was some cheer from news that profits at China's biggest industrial firms grew for a fourth straight month, indicating the world's number two economy is getting back on track after leaders brought the virus under control.

Traders, though, are also awaiting the first US presidential debate this week, which could prove crucial in determining November's election, with many worried that a close vote might mean the result is delayed or even challenged by the loser.

And as the death toll from Covid-19 topped one million, the World Health Organisation warned that figure could double without more global collective action.

However, while many leaders are unveiling fresh fiscal measures to support their economies, US lawmakers remain at loggerheads over a second rescue package, with Democrats and Republicans miles apart on their proposals.

"The doomy mood music's soundboard remains tuned to growing concerns about rising Covid-19 case counts and whether policymakers have ammunition to react," said AxiCorp's Stephen Innes. "In the US, this has centred on whether further fiscal stimulus might be forthcoming before the election." (AFP)