Hong Kong’s Hang Seng edges out of bear territory; oil prices surge
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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.
European markets edge higher; Hang Seng index ends with gain
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Hang Seng Powers Asia Higher
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Advertisment 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 Nikkei 225 recovered 480.99 points, or 1.8%, to 27,494.24. The Japanese yen traded at 109.94, stronger than levels above 110 seen against the greenback last week.
In Hong Kong, the Hang Seng Index soared 259.67 points, or 1.1%, to 25,109.59, as shares of Chinese tech giant Tencent rose nearly 2% while Hong Kong Exchanges and Clearing surged 5.7%.
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.
In Korea, shares of LG Chem, however, plunged 11.1% 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.
The Australian dollar was at $0.7167, having declined last week from above $0.729.
In other markets
In Shanghai, the CSI 300 vaulted 66.61 points, or 1.4%, to 4,835.88.
In Korea, the Kospi index regained 29.7 points, or 1%, to 3,090.21
In Singapore, the Straits Times docked 15.19 points, or 0.5%, to 3,087.56
In Taiwan, the Taiex index rumbled higher 399.3 points, or 2.5%, to 16,741.84
In New Zealand, the NZX 50 jumped 123.59 points, or 1%, to 13,064.07.
In Australia, the ASX 200 strengthened 29.06 points, or 0.4%, at 7,489.93