Hong Kong stocks extend rally for third straight day as Trump returns to White House after Covid-19 treatment
- Hang Seng Index ends 0.9 per cent higher at 23,980.65, helped by positive sentiment surrounding Trump’s recovery
- Asian markets also rise, with Japan’s Nikkei 225 rising 0.5 per cent and South Korea’s Kospi adding 0.3 per cent
Hong Kong stocks gained on Tuesday, buoyed by the recovery of US President Donald Trump from coronavirus and growing expectations of new fiscal stimulus measures in the US.
The Hang Seng Index added 0.9 per cent to 23,980.65 for its third consecutive day of gains.
“Investors’ worries over the uncertainty of the presidential elections and US-China tensions have been eased now that Trump has left the hospital,” said Kenny Wen, wealth management strategist at Everbright Sun Hung Kai. “There are also growing expectations that US fiscal stimulus measures could be negotiated soon.”
The long-awaited stimulus package that has been stalled in Congress could pass in the coming weeks, said David Chao, global market strategist for Asia-Pacific at Invesco. “The September US employment data shows new jobs creation losing momentum and could catalyse Congress to expedite the bill worth around US$2 trillion,” he said.