HSI Gains, Tokyo Leads Asian Stock Market Rally

Hong Kong stocks rallied more than 2 percent on Tuesday as world markets were given a much-needed boost by a Federal Reserve move to provide cash for firms hit by virus lockdowns.

The Hang Seng Index climbed 2.4 percent, to 24,344.

On the mainland, the Shanghai Composite Index rallied 1.4 percent, to 2,931and the Shenzhen Composite Index jumped 1.8 percent, to 1,898.

Tokyo soared almost 5 percent, getting an extra boost from a Bank of Japan move to ramp up aid for firms struggling with virus fallout.

Seoul surged more than 5 percent and Sydney almost 4 percent.

Mumbai, Taipei and Manila were also more than 1 percent up, Jakarta 3.2 percent higher and Bangkok 2.5 percent up. Wellington edged up 0.8 percent.

"With the Federal Reserve back in business backstopping corporate credit, and printing money to lend to companies directly, it was immediately back to business-as-usual for the peak-virus, buy everything herd," said Oanda's Jeffrey Halley.

There remains a sense of unease about signs of a Covid-19 resurgence, with Beijing locking down a number of estates after more than 100 people were diagnosed with the disease, just as the city was getting back on track and after months of no new cases. (AFP)