Stocks keeprising as easing set

The Hang Seng Index rose for a third consecutive day to end at a near three-week high yesterday, and mainland stocks hit a near three-month high, as hopes of more stimulus measures and further easing of Covid curbs around the world offset caution over US-China tensions.

The Hang Seng Index was up 329.68 points, or 1.37 percent, at 24,325, its highest since May 21.

It has rallied more than 1,300 points over the past three days.

Mainland food delivery platform Meituan Dianping added 5.57 percent to end at HK$155.30.

HSI night futures climbed 154 points to 24,399 last night.

Singapore sovereign wealth fund GIC increased its stakes in China Oilfield Services, Poly Property Development and Beijing Capital International Airport on May 29 for HK$121.92 million.

In Britain, Airline EasyJet, airplane parts-maker Meggitt and cruise ship operator Carnival are among four stocks expected to exit the FTSE 100 index following a quarterly rebalancing based on market capitalization.

The Shanghai Stock Exchange Composite Index inched up 0.068 percent to 2,923, while the Shenzhen Stock Exchange Composite Index was up 0.039 percent to 1,847.

Oil fell after touching its highest since March at more than US$40 (HK$312) a barrel on Wednesday, pressured by doubts an early meeting of OPEC and its allies to extend output cuts will take place.

Saudi Arabia and Russia have a deal to extend the cuts, but a meeting today might not happen, sources said.

Oil had earlier dropped after Bloomberg reported the meeting was in doubt.

Brent crude futures for August were down 73 cents, or 1.8 percent, at US$38.84, having earlier hit their highest since March 6 at US$40.53.

West Texas Intermediate crude for July fell 79 cents, or 2.2 percent, to US$36.02.

Oil had been lifted earlier in the day by an American Petroleum Institute report that US crude inventories fell by 483,000 barrels.