HSBC shares surge by half in two months as hopes of Covid-19 vaccine rekindle investors’ appetite for old-economy stocks

Shares of HSBC Holdings have gained by almost half in the past two months as positive news about several Covid-19 vaccines has rekindled an appetite for stocks likely to pick up once the pandemic is over.Cyclical stocks such as banks have made a strong comeback, at the expense of shares in health care companies, and technology firms that had benefited when working from home became the new normal during global lockdowns.HSBC has rebounded 49 per cent from a September low. The Hang Seng Financial…

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