HK analysis as Asia shares boosted by vaccine hope

Hong Kong's Hang Seng Index jumped at market opening Tuesday, following gains overnight on Wall Street after the news of progress towards a coronavirus vaccine.

The benchmark rose over 400 points at opening, but retreated slightly as morning trading continued.

Investors have gained hope from the news of progress towards a COVID-19 vaccine, money manager Francis Lun said.

Lun pointed out that it's mostly old-economy stocks which have gained, while tech stocks are down.

On Wall Street, the benchmark S&P 500 index closed 1.2% higher on Monday after Pfizer Inc. said early data on a vaccine under development suggest it might be it might be 90% effective at preventing COVID-19, though that doesn't mean its release is imminent.