HKEX, Alibaba Send Local Shares Higher

Hong Kong stocks on Tuesday tracked gains in the region, fuelled by optimism towards coronavirus vaccines and the formal start of a transition of power in the United States.

The Hang Seng Index began the day more than 100 points higher, but it later reversed course and fluctuated in a narrow range.

The benchmark finished the day 102 points or almost 0.4 percent higher at 26,588.

Turnover was $143.2 billion.

The top blue-chip performer was Hong Kong Exchanges and Clearing, which jumped 4 percent, after a report said Chief Executive Carrie Lam could announce the inclusion of secondary listing and biotech firms in the southbound trading of the stock connect.

Alibaba also did well, climbing 2.3 percent.

Xiaomi tumbled 1.6 percent ahead of its earnings announcement, after touching an all-time high at open.

Across the border, the blue-chip CSI300 index retreated from its highest close in more than five years, dropping 0.6 percent.

The Shanghai Composite Index and the Shenzhen Composite Index each fell around a third of a percent.

Risk-on sentiment was also echoed in most other markets in the region.

Tokyo's Nikkei index put on 2.5 percent after a long weekend. Energy shares lifted Australia's ASX200 1.3 percent higher to its highest level in almost nine months. The Kospi in Seoul advanced 0.6 percent. Singapore added around 1 percent. But Taiwan fell half a percent.