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Tuesday, November 22, 2016, 16:25

Shares surge after US gains set bullish tone for Asia

By Reuters

Hong Kong stocks posted their biggest gain in nearly two weeks on Tuesday, after major U.S. benchmarks hit fresh peaks overnight, setting a bullish tone for Asian markets.

The market was also propped up by a surge in energy shares cts of oil producing countries agreeing to curb output.

The Hang Seng index rose 1.4 percent, to 22,678.07, while the China Enterprises Index gained 2.2 percent, to 9,651.45 points.

The rally could also be the result of some bargain hunting, after the market's four consecutive weeks of losses. But investors remain worried about a rapidly-strengthening dollar, which threatens to divert funds from emerging markets.

All main sectors rose in Hong Kong.

An index tracking energy shares jumped 3.8 percent, after oil prices surged more than 4 percent on Monday.

The resurgence in oil prices came after comments by Russian President Vladimir Putin raised expectations that major oil producing countries could reach a deal to limit output at a meeting next week.

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