HSI Ends A Record-breaking Week With Another Rally

The Hong Kong stock market ended the week on a high note, marking its best run since last October.

Local blue chips have risen every single trading day this week as the sentiment in the region was also buoyant, lifted by the reopening of economies around the world.

The Hang Seng Index rose for its fifth consecutive day, rallying 1.6 percent, to close at 24,770.

The bull run this week contributed a 7.9 percent or 1,800 points, gain to the index – the biggest weekly percentage gain since April 2015.

The buoyancy comes despite concerns over the upcoming national security law in Hong Kong and the SAR's special trade status as China and US continue to spar over several trade and political issues.

The top gainer on Friday was Hang Seng Bank, surging more than 8 percent.

Property shares were also upbeat. Wharf Real Estate Investment and Swire Pacific each rallied more than 6 percent. New World Development also gained more than 5 percent.

Across the border, markets shrugged off early weakness as hopes that Beijing will pursue more stimulus to shore up the country's economy outweighed concerns over clashes throughout this week between Beijing and Washington.

The Shanghai Composite Index gained 0.4 percent and the Shenzhen Composite Index edged up 0.2 percent, to 1,856.

In Japan, the Nikkei Index hit a three and a half month high on sustained optimism about an economic rebound from the coronavirus. The index ended 0.7 percent higher.

Taiwan also rose by a similar margin. South Korea and Singapore each rallied more than 1 percent.