Hong Kong and other major Asia-Pacific benchmarks rebounded, tracking gains in US markets over a Federal Reserve corporate bond-buying plan that boosted sentiment even as investors worry about new outbreaks of the coronavirus. The Hang Seng Index gained 2.4 per cent to 24,344.09 on Tuesday, snapping a four-session losing streak and clinching the biggest advance in two weeks. All 50 constituent members advanced. New economy stocks surged in Hong Kong, including Ping An Healthcare and Technology, better known as Ping An Good Doctor, which climbed 4.9 per cent after shooting up as much as 6.8 per cent. The online medical consultant platform has become a favourite of investors who believe it will thrive as China continues to encourage the development of online medical services to take pressure off its swamped hospitals. Index heavy weight Tencent rose 3.5 per cent on CCTV news that it has signed cooperation agreements with State Grid for digital infrastructure construction, Bloomberg reported. It closed at HK$448.80, its highest close in more than two years. The Shanghai Composite Index gained 1.4 per cent, led by materials stocks such as cement and other construction makers. The benchmark broke a four-session losing streak, even as Beijing battles an “explosive outbreak” of coronavirus cases linked to a local food market. More than 100 infections have been reported in the country’s capital city since Thursday. Meanwhile, benchmarks in Japan, South Korea and Australia rallied, following three sessions of losses. US futures pointed to a positive open. “I think the market is resigning itself to the fact that in the absence of an effective vaccine, the virus will not amazingly vanish,” said Stephen Innes, chief global markets strategist at AxiCorp. “But with stringent protocols in place, governments around the world will be able to respond much quicker on a proximity basis and contain the spread rather than shutting down large swathes of the economy.” Japan’s Nikkei 225 soared 4.9 per cent as the Bank of Japan boosted support for troubled companies while leaving its interest rates unchanged. South Korea’s Kospi advanced 5.3 per cent, while the tech-heavy Kosdaq shot up 6.1 per cent. Australia’s S&P/ASX 200 Index rose 3.9 per cent, also buoyed by the risk-on sentiment created by the US Fed’s release of details on its US$250 billion individual corporate bond purchasing programme. “The Federal Reserve became an accidental Lone Ranger overnight, riding in to rescue beleaguered financial markets that had circled the wagons over secondary outbreak COVID-19 fears,” said Jeffrey Halley, OANDA’s senior market analyst for Asia-Pacific. “ … Yesterday’s concerns have dropped quickly from the hive memory, with Asia recovering back those losses with interest this morning.” In Hong Kong, Swire Pacific gained 0.9 per cent, despite issuing its latest profit warning overnight. It said it expects to see substantial losses in its property, airline and marine services in the first half of the year due to the coronavirus. The world passed 8 million coronavirus cases on Monday, with about one in four of the infections reported in the US. Some states in the US, where more than 116,000 people have died of the respiratory ailment, are seeing a spike in new cases, raising the possibility in select locations of renewed lockdowns, which threw the world’s largest economy into a jobs crisis. In Hong Kong, Sunny Optical, the biggest handset camera lens and module supplier to Huawei Technologies and Xiaomi, was one of the biggest blue chip gainers, rising as much as 8.1 per cent. Sunny Optical could see its first half revenue and profit increase on rising demand for mid-end handsets with advanced camera features and new 5G mobile phone launches in China, Bloomberg Intelligence analyst Charles Shum wrote in a new note. Snack maker Want Want China shot up 8.7 per cent -- making it the day’s top blue chip winner -- after reporting at the lunch break double digit year-on-year growth in overall sales in April and May and saying the focus of new products will be on health and nutrition, as consumers become more focused on their well being due to the pandemic. It also is exploring overseas markets, it said. It reported year-on-year revenue fell 3 per cent to 20.09 billion yuan in the year ending March 31, with a steep fall in March due to the coronavirus, while profit attributable to shareholders rose 5 per cent to 3.65 billion yuan. Cnooc, China’s dominant offshore oil and gas producer, shot up 4.2 per cent after UBS raised its rating to buy from neutral. China airlines listed in Hong Kong took off, with China Southern Airlines climbing 4 per cent, China Eastern Airlines soaring 4.6 per cent, and Air China rising 4 per cent, as the US and China reopened some air routes. Cathay Pacific Airlines ended up with a tiny 0.1 per cent gain after rising as much as 2.4 per cent. It was its first advance since announcing a US$5 billion rescue plan . Hong Kong’s troubled flagship carrier had fallen four straight days for a total 8.2 per cent loss following the announcement. Macau casinos, whose share prices have been hammered since Beijing suspended travel visas to the city as part of virus-control efforts, gained, with Galaxy Entertainment rising 3 per cent. They gained on the overall positive momentum of the market, said casino analyst Andrew Chung, in spite of the latest virus outbreak in Beijing and its potential impact on when the all-important mainland Chinese gamblers can return to the tables. “The virus outbreak in Beijing might delay the lifting of IVS [Individual Visit Scheme] suspension/travel restriction, but then the consensus currently only expects the travel restriction to be lifted within a limited ‘travel bubble’ in near term, i.e. between Zhuhai, Hong Kong and Macau,” Chung wrote in an email response to a query. “Technically, you can argue that the Beijing outbreak has limited impact on the ‘travel bubble’. As to the lifting of travel restriction for other parts of China, we believe the Macau/PRC government will have to look into the initial result of the limited ‘travel bubble’ before a timeline of IVS/ travel relaxation is to be implemented,” he added. In the mainland, Kweichow Moutai, the world’s most valuable liquor company, closed at 1,403.88 yuan. Zhanjiang Guolian Aquatic Products, which raises and sells seafood, fell as much as 2.3 per cent but ended with a 0.5 per cent gain, as the virus was detected on chopping boards for salmon at Beijing’s biggest wholesale market. Authorities say the source of the outbreak wasn’t clear, and an infected person could have contaminated the cutting boards. Two stocks soared in their mainland debuts. Chengdu Kanghua Biological Products, a vaccine developer, jumped to the 44 per cent limit on the ChiNext board, while Suzhou Jinhong Gas, which specialises in industrial gas, soared to close with a 151.5 per cent gain on the Star Market, which has no limits on debuts.