Local Shares Enjoy Healthy Gains

Local shares enjoyed a healthy gain on Thursday, in line with most markets across the region after another record gain on Wall Street.

US investors had been keeping tabs on President Joe Biden’s multi-trillion dollar roads-and-bridges plan, and were encouraged by minutes from the Federal Reserve that suggest it intends to keep rates at record lows.

And, as vaccines are rolled out globally, there was a general mood of optimism that the world economy is on track for a strong recovery.

The Hang Seng Index rode that optimism, climbing steadily throughout the day to close 333 points, or 1.2 percent, higher at 29,008.

Market turnover was HK$281 billion.

Markets on the mainland also closed higher, with healthcare shares boosted as China ramps up its vaccination efforts.

The benchmark Shanghai Composite Index closed up a tenth of a percent, while the bluechip CSI300 was up 0.2 percent.

Elsewhere in Asia, there were also gains in Seoul, Mumbai, Taipei, Jakarta and Bangkok.

However, there were declines in Singapore, Manila and Tokyo, where investors were spooked by rising coronavirus cases.