HSI Soars As Tencent Shares Continue Surge

Hong Kong stocks finished more than 1 percent higher on Tuesday as lockdown measures continue to be lifted around the world despite worries about a second wave of infections.

The Hang Seng Index jumped 1.6 percent, to 24,907.

Leading the gain was Tencent, which surged almost 5 percent to a new all-time high at HK$497.50.

Hong Kong Exchanges and Clearing also extended its climb, rising almost 3 percent to close at HK$320.

On the mainland, the Shanghai Composite Index rose 0.2 percent, to 2,970 but the Shenzhen Composite Index added 0.6 percent, to 1,947.

Tokyo added 0.5 percent, while Sydney put on 0.2 percent.

Seoul jumped 0.2 percent despite signs of a second wave of coronavirus in South Korea, while Mumbai rose 0.7 percent and Singapore edged up 0.1 percent. Taipei and Bangkok were also up.

Manila, Jakarta and Wellington were in the red.

The gains follow another record for the Nasdaq on Wall Street and came as Europe pushed ahead with the relaxation of containment measures, while New York City – at one point the centre of the US outbreak – allowed workers to head back to work.

"So far, infection spikes have been localised, but concerns should continue to grow about a second wave," said AxiCorp's Stephen Innes.

"However, with renewed widespread lockdowns the most unlikely course of action, the markets seem to be just shrugging off these concerns as the lockdown-easing narrative persists." (AFP, RTHK)