Hong Kong shares jump over 2% as Alibaba surges 15%; Asia markets largely up

Asian markets were largely up on Tuesday, with Hong Kong shares jumping over 2% as Chinese e-commerce giant Alibaba surged 15%.

The Hang Seng Index rose 2.2% to 24,845.45, while the Shanghai Composite Index gained 0.3% to 3,093.45.

Alibaba, which is listed on the Hong Kong Stock Exchange, rose 15% after the company reported better-than-expected quarterly earnings. The company reported a 54% jump in revenue for the quarter ended June 30, compared to the same period last year.

The surge in Alibaba’s stock price helped to boost other tech stocks in the region, with Tencent Holdings, China’s largest internet company, rising 4.3%.

Elsewhere in Asia, Japan’s Nikkei 225 rose 0.7% to 22,845.45, while South Korea’s Kospi gained 0.3% to 2,097.45.

In Australia, the S&P/ASX 200 rose 0.4% to 6,072.90.

The gains in Asian markets come as investors remain optimistic about the global economic recovery from the coronavirus pandemic.

The U.S. economy is expected to grow at its fastest pace in decades in the third quarter, while the European Union is also showing signs of recovery.

Investors are also keeping an eye on the U.S. presidential election, with polls showing Democratic candidate Joe Biden leading President Donald Trump.

Overall, Asian markets are expected to remain positive in the near term, with investors looking for further signs of economic recovery.