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

[HONG KONG] 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 per cent, to 24,455.94, while the China Enterprises Index gained 1.6 per cent, to 10,272.07 points.

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

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.

REUTERS