HK Stocks Join Asian Rally Spurred By Wall Street

Hong Kong stocks finished Monday morning more than 1 percent higher, in line with a rally across Asian markets following a strong lead from Wall Street.

The Hang Seng Index rose 1.5 percent, to 25,483.

Traders also cheered by a pledge from the mainland's banking regulator that it would continue to back the city as a financial hub, after concerns were raised following the imposition of a new security law last month.

On the mainland, the Shanghai Composite Index added 0.2 percent, to 3,387 while the Shenzhen Composite Index jumped 1.4 percent, to 2,280.

Tokyo added 0.3 percent. Seoul piled on more than 1 percent and Taipei gained 0.5 percent. Sydney, Singapore and Wellington were also in positive territory.

Buying was also boosted by news that US President Donald Trump had expanded the use of a coronavirus treatment using plasma from people who had recovered from the disease.

"Not the Covid-19 cure all the world is hoping for, but it is another positive step to help patient recovery time and get people back on their feet quicker," said AxiCorp's Stephen Innes. (AFP)

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