Hong Kong shares settle at 3-month high on swift recovery hopes

Hong Kong shares closed at their highest level in three months on Tuesday, tracking gains in broader markets as the easing of coronavirus-induced lockdowns in many countries fed short-term investor optimism of a quick economic recovery. ** At the close of trade, the Hang Seng index was up 280.45 points, or 1.13%, at 25,057.22. The Hang Seng China Enterprises index rose 1.12% to 10,121.13. ** The sub-index of the Hang Seng tracking energy shares rose 1.1%, while the IT sector climbed 0.11%, the financial sector ended 0.66% higher and the property sector firmed 2.19%.

** Cathay Pacific Airways Ltd revealed on Tuesday afternoon that the Hong Kong government would lead a recapitalisation plan worth HK$39 billion ($5 billion) to help it through the coronavirus pandemic, the latest public rescue for a troubled airline. ** Trading in shares of Cathay, together with its major shareholders Swire Pacific Ltd and Air China Ltd , was halted in Hong Kong. ** China's main Shanghai Composite index closed up 0.62% at 2,956.11, while the blue-chip CSI300 index ended up 0.62%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.55%, while Japan's Nikkei index closed down 0.38%. ** The yuan was quoted at 7.088 per U.S. dollar at 08:20 GMT, 0.25% weaker than the previous close of 7.0701.