Hong Kong Stocks Jump, Tech Stocks Rebound

Hong Kong stocks soared on Monday, extending a rally at the end of last week, as tech firms tracked broad gains in their US counterparts.

The Hang Seng Index jumped 1.7 percent, to close at 30,808 as tech firms on Wall Street won support after healthy earnings figures from Amazon, Microsoft and Intel.

The markets on the mainland were closed for a public holiday. Tokyo markets were also closed for a holiday.

Seoul added 0.9 percent while Sydney gained 0.5 percent.

Singapore surged more than 1 percent, while Wellington, Manila, Taipei and Jakarta were all deep in positive territory.

Asian tech firms, which have been hammered in recent weeks by worries about the lucrative smartphone market, bounced back on Monday.

Hong Kong-listed AAC Technologies and Tencent each posted healthy gains, while in Taipei Apple suppliers TSMC was also sharply higher.

The US dollar enjoyed a fresh bout of buying thanks to a broadly positive mood about the world economy and easing worries over the China-US trade dispute.

"This week's US trade roadshow to China, which includes [key Trump administration officials] Steven Mnuchin, Robert Lighthizer and Larry Kudlow, has undoubtedly calmed investors' nerves, triggering an unwind of dollar risk premiums around tariff and trade," said Stephen Innes, head of Asia-Pacific trade at Oanda. (AFP)