Hong Kong’s Hang Seng edges out of bear territory; oil prices surge
SINGAPORE — Stocks in Asia-Pacific rose on Monday trade as Hong Kong’s Hang Seng index bounced back after slipping into a bear market last week.
The Hang Seng index rose 1.05% to close at 25,109.59, as shares of Chinese tech giant Tencent rose nearly 2% while Hong Kong Exchanges and Clearing surged 5.66%.
Monday’s gains for the Hang Seng came after heavy losses last week, with the index falling more than 20% below its mid-February high. Regulatory uncertainty in China has clouded the outlook for Chinese technology companies.
Mainland Chinese stocks also rose on the day, with the Shanghai composite up 1.45% to 3,477.13 while the Shenzhen component gained 1.981% to 14,535.88.
The Nikkei 225 in Japan rose 1.78% to close at 27,494.24 while the Topix index jumped 1.83% to end the trading day at 1,915.14.
South Korea’s Kospi closed 0.97% higher at 3,090.21. Shares of LG Chem, however, plunged 11.14% after General Motors said Friday it was expanding its recall of Chevrolet Bolt EVs. The automaker said it found manufacturing defects in certain battery cells produced at LG manufacturing facilities.
Hang Seng Index compiler says it will be tough to meet target of 80 constituent stocks by next year
Hang Seng Indexes has a tough job on its hands expanding the benchmark to 80 stocks by middle of next year, executive says. Photo: SCMP/Sam Tsang
European markets edge higher; Hang Seng index ends with gain
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