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Tuesday, April 25, 2017, 17:02

Hong Kong stocks have best day in 6 weeks amid French vote euphoria

By Reuters

Hong Kong stocks posted their biggest percentage gain in nearly six weeks on Tuesday, joining a region-wide rebound amid euphoria triggered by the market-friendly outcome of the first round of the French presidential election.

The Hang Seng index rose 1.3 percent, to 24,455.94, while the China Enterprises Index gained 1.6 percent, to 10,272.07 points.

Overnight, the MSCI World index surged 1.6 percent to an all-time high, as French stocks jumped more than 4 percent, while Wall Street gained over 1 percent.

The outcome of the French vote of the weekend sharply reduced expectations of a Brexit-like result in the second round of the poll in May.

And the market is pricing in expectations that Emmanuel Macron, an internationalist, would likely defeat anti-euro nationalist Marine Le Pen in the second round of the French presidential election in two weeks.

All main sectors in Hong Kong rose, with financials and technology stocks among the biggest gainers.

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