HK Leads Asian Rally, Brushes Aside Security Law Row

Hong Kong stocks soared on Thursday, in line with a global advance on hopes for a virus vaccine and despite concerns over a draconian security law imposed on the city by Beijing that raised questions about its future as a business hub.

The Hang Seng Index climbed 2.9 percent, to 25,124.

On the mainland, the Shanghai Composite Index added 2.1 percent, to 3,090 while the Shenzhen Composite Index gained 1.3 percent, to 2,016.

Sydney, Mumbai, Seoul, Wellington and Bangkok were all up more than one percent, while Manila also chalked up more than two percent gains.

Taipei, Singapore and Jakarta were all in positive territory.

Tokyo ended up 0.1 percent with signs of a flare-up in new cases in the Japanese capital weighing on sentiment.

The gains came after another all-time high for the tech-heavy Nasdaq on Wall Street, with investors now awaiting the release of key US June jobs data later in the day.

"Investors largely are shrugging off higher [number of Covid-19] cases ... as Pfizer reported positive results from a vaccine trial," said Neil Wilson at Markets.com.

"We have been here before – it's too early to get too excited – but a working vaccine is the holy grail as it would allow real normality to return to the economy." (AFP)