HSI Jumps Almost 2 Percent As Virus Fears Fade

Hong Kong stocks rallied at the start of the week, piling on almost 2 percent on Monday, fuelled by hopes that coronavirus may have peaked in some of the worst-hit countries as governments move to lift some lockdown restrictions.

The Hang Seng Index jumped 1.9 percent, to 24,280.

On the mainland, the Shanghai Composite Index gained 0.3 percent, to 2,815 while the Shenzhen Composite Index edged up 0.1 percent, to 1,738.

Tokyo ended 2.7 percent up, while Taipei and Mumbai put on more than 2 percent while Sydney, Seoul and Singapore were each more than 1 percent higher.

Bangkok was also up though there were small losses in Jakarta and Manila. 

"Although life is not about to return to normal anytime soon, the hope that peak virus is upon us has lifted financial markets modestly in Asia," said Oanda's Jeffrey Halley.

"The hopes that even a partial return to regular economic activity, to draw a line under the economic carnage wrought by the pandemic, should see markets such as equities outperform this week."

Focus is now on central banks, with traders looking for signs of further support to embattled economies following unprecedented multibillion-dollar measures such as bond-buying and interest rate cuts.

The Bank of Japan was the first up on Monday, announcing a ramping up of its emergency monetary easing, lifting the cap on its buying of government bonds and increasing purchases of other assets. (AFP)