Thu, 28 Oct 2021

Hong Kong stock gains fuel broader Asian market rally

Lola Evans
23 Sep 2021, 18:13 GMT+10

SYDNEY, NSW, Australia - Stocks in Asia forged ahead on Thursday as fears over an imminent collapse of China's largest property developer receded.

China Evergrande is continuing to pay interest on bonds as it falls due, but doubts remain as to the long-term future of the group.

"It's a long way to go yet in terms of this being resolved," Kerry Craig, global market strategist at JP Morgan Asset Management told Reuters Thursday. "You'll see some of the immediate fears of a huge collapse and contagion start to recede, but it will still be an issue that pops up because the property market and construction is such a massive part of the Chinese economy."

The Australian All Ordinaries surged 87.50 points or 1.15 percent to 7,681.30.

In Hong Kong, the Hang Seng rose 289.44 points or 1.19 percent to 24,510.98.

China's Shanghai Composite added 13.73 points or 0.38 percent to 3,642.22.50 points.

The Japanese market was closed for a public holiday.

Overnight on Wall Street, the Dow Jones industrials gained 338.48 points or 1.00 percent to 34,258.32.

The Nasdaq Composite advanced 150.45 points or 1.02 percent to 14,896.85.

The Standard and Poor's 500 regained 41.45 points or 0.95 percent to 4,385.64.

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