HK Shares Advance As Tokyo And Seoul Hit New Highs

Local stocks rose in line with a regional rally, sustaining a rally fueled by optimism over Covid-19 vaccines.

The Hang Seng Index closed up 149 points, or 0.6 percent, at 26,819. Turnover was HK$113 billion.

Mainland banks and insurance shares drove the rally, with China Life Insurance surging over 2 percent.

But shares of catering giant Cafe De Coral fell more than 1.5 percent, after it reported a year-on-year drop of 24 percent in revenue over the first half of the year.

The fast-food company said the restrictions on dine-in services due to the Covid-19 pandemic led to the revenue fall.

Markets across the border rebounded from two days of losses.

The Shanghai Composite Index and the blue-chip CSI-300 index each put on around 0.2 percent.

Elsewhere in the region, most markets reported gains with the Nikkei in Japan hitting its highest mark in over 29 years.

The Nikkei earned almost 1 percent to reach its highest close since April 1991, as investors flocked to tech shares after seeing strong gains in their US peers overnight.

The Kospi in Seoul also hit an all-time high with a 0.9 percent gain on Thursday, as South Korea's central bank revised its growth forecast for the country.

Taiwan was also up, but Australia lost 0.7 percent.

Meanwhile, gold prices rose as investors bet grim US jobs data and the increasing Covid-19 cases worldwide could lead to authorities announcing more stimulus measures.