RETAIL BANKING | Staff Reporter, Hong Kong

HSBC, Standard Chartered's HK shares top gainers in Asia

Both banks will report earnings next week.

HSBC and Standard Chartered's Hong Kong shares are amongst the top gainers of bank stocks across the region, reports Bloomberg, with HSBC shares jumping 5.4% and StanChart gaining 6.3%.

Both banks are due to report their earnings next week and investors are optimistic about the resumption of dividends.

The MSCI AC Asia Pacific Financials Index rose nearly 1%, its highest level since June 2018 and on course for an eighth straight day of gains.

"Cyclical stocks, particularly the financial sector, can be seen riding the wave of rising yields going into the Tuesday session," said IG Asia market strategist Pan Jingyi.

A significant slowdown in virus cases and progress on vaccine rollouts have boosted the prospect of a pickup in global growth. Ultra-low interest rates have weighed on bank earnings, even as central bank stimulus measures have boosted markets and liquidity.

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