HK Stocks Soar As Bulls Hail News Of Ant IPO

Hong Kong stocks rallied more than 2 percent on Tuesday, in line with a global advance, as positive results from early trials fanned hopes that scientists are on track to create a virus vaccine.

Support also came from news that online payments giant Ant Group – an affiliate of Chinese e-commerce leader Alibaba – had moved toward a dual listing in the city and in Shanghai, in what could be among the biggest IPOs in years.

The Hang Seng Index rose 2.3 percent, to 25,635.

On the mainland, the Shanghai Composite Index added 0.2 percent, to 3,320 while the Shenzhen Composite Index climbed 0.7 percent, to 2,232.

Sydney also jumped more than 2 percent after Australia's government said it would extend its own record stimulus programme, with supplements to the unemployed and businesses struggling to retain staff continuing until at least the end of the year and likely beyond.

The Australian dollar rose almost 1 percent against the greenback.

Tokyo rose 0.7 percent, while Mumbai, Seoul, Taipei, Jakarta and Wellington all jumped more than one percent.

Singapore and Bangkok were also up, though Manila dipped. (AFP)