HONG KONG: Asian shares scaled four-month peaks on Monday as investors counted on a revival in Chinese activity to boost global economic growth, even as surging coronavirus cases delayed business re-openings across the United States.
Eyes were on Chinese blue chips which jumped 5.4% on top of a 7% gain last week, to their loftiest level in five years.In Hong Kong, Jefferies chief global equity strategist Sean Darby said the positive sentiment towards Asian markets was the result of better than expected regional economic data and elevated liquidity levels.
Mizuho strategist Ken Cheung said the rising level of margin financing in mainland China, which was worth 22 trillion yuan in June, double the amount in February, would remain a key factor in the direction of the onshore equities market. Most markets gained ground last week as a raft of economic data from June beat expectations, although the resurgence of coronavirus cases in the United States is clouding the future.
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