Hong Kong Stocks End On Another High

Local shares rose on Tuesday and regional markets rallied for a second day, on optimism over US President Joe Biden’s stimulus negotiations with lawmakers, and signs that a social media-led retail investor battle with Wall Street hedge funds is easing.

The Hang Seng Index opened higher and surged more than 600 points at one stage, before giving up some of the gains to close 355 points, or 1.2 percent, up at 29,248, on turnover of HK$225.5 billion.

Alibaba jumped 3.5 percent ahead of its earnings announcement. Meituan soared to a new high of HK$410.60 before finishing up one percent, at HK$395. Tencent added 1.8 percent.

CSPC Pharmaceutical Group surged nine percent to become the blue-chip winner, as pharma stocks outperformed. Sino Biopharmaceutical put on 4.4 percent.

Sentiment across the border was also upbeat as concerns over the coronavirus eased.

The Shanghai Composite Index edged up 0.8 percent, while the blue-chip CSI-300 index rallied 1.5 percent. The Shenzhen Composite Index gained 1.7 percent.

In Seoul, chipmakers and foreign buying helped lift the Kospi 1.3 percent higher. Japan’s Nikkei inched up one percent. Australia advanced 1.5 percent, and Singapore was up 0.7 percent.