HK Shares End Firmer As Covid Restrictions Eased

Hong Kong shares closed higher on Tuesday after the government announced it is scaling back social distancing measures put in place to curb the spread of the pandemic, and as economies elsewhere also showed signs of re-opening businesses.

Dealers cheered the news that bars, cinemas and other businesses can reopen in Hong Kong from Friday, and brushed off this week's data showing the SAR's economy suffered its worst contraction on record in the first quarter.

The Hang Seng index closed up 1.1 percent at 23,868.

The mainland's financial markets were closed for a public holiday, as they also were in Tokyo and Seoul.

Sydney gained more than one percent, while Mumbai gained 0.8 percent and Taipei edged up 0.5 percent. Singapore piled on 0.7 percent and Manila jumped 1.9 percent.

Jakarta added 0.8 percent despite data showing the Indonesian economy grew in the first quarter at its weakest pace in almost two decades. (Reuters/AFP)