On Tuesday, Asian stocks surged, with Hong Kong stocks leading the way. The Hang Seng index rose 3.27 percent to 20,602.52 as Chinese tech firms soared. Tencent increased by 5.26 percent, Alibaba by 7.03 percent, and Meituan by 6.24 percent. The Hang Seng Technology index increased by 5.78 percent to 4,272.95.
The Shanghai Composite increased 0.65 percent to 3,093.70 on the day, while the Shenzhen Component rose 1.233 percent to 11,230.16. The Nikkei 225 index in Japan jumped 0.42 percent to 26,659.75, while the Topix index increased 0.19 percent to 1,866.71.
The Kospi in South Korea rose 0.92 percent to 2,620.44 at the close of trading, while the S&P/ASX 200 in Australia rose 0.27 percent to 7,112.50. Outside of Japan, MSCI’s broadest index of Asia-Pacific stocks rose 2.16 percent.
“As is often the case with equity markets, when the news simply looks like it can’t get any worse, that is when market participants start seeing less bad as the new good,” David Wong, senior investment strategist at AllianceBernstein, told CNBC’s “Street Signs Asia” on Tuesday.
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