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Major Asia Markets Rise Nearly 2%; Hong Kong’s Hang Seng Looks Set To Bounce From Bear Territory

Major Asia Markets Rise Nearly 2%; Hong Kong’s Hang Seng Looks Set To Bounce From Bear Territory

Stocks in Asia-Pacific rose in Monday trade as Hong Kong’s Hang Seng index bounced back after falling into a bear market last week.

By Monday afternoon in Hong Kong, the Hang Seng index rose 1.81%, after shares of Chinese tech giant Tencent rose nearly 3% while Hong Kong Exchanges and Clearing surged almost 6%.

Heavy losses last week left the Hang Seng index more than 20% below its mid-February high as regulatory uncertainty clouded the outlook for Chinese technology companies.

Mainland Chinese stocks also rose, with the Shanghai composite up 1% while the Shenzhen component gained 1.434%.

The Nikkei 225 in Japan rose 1.82% while the Topix index jumped 1.9%.

South Korea’s Kospi gained 1.52%. Shares of LG Chem, however, plunged around 10%. On Friday, General Motors said it was expanding its recall of Chevrolet Bolt EVs after finding manufacturing defects in certain battery cells produced at LG manufacturing facilities.

In Australia, the S&P/ASX 200 edged 0.29% higher.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.49%.

Monday’s gains for Asia-Pacific stocks came on the back of losses last week. Concerns like the potential tapering by the U.S. Federal Reserve as well as the spread of the delta Covid-19 variant continue to weigh on investor sentiment.

Oil jumps nearly 2%

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 1.73% to $66.31 per barrel. U.S. crude futures advanced 1.71% to $63.20 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.313 after its recent climb from below 93.2.

The Japanese yen traded at 109.87, stronger than levels above 110 seen against the greenback last week. The Australian dollar was at $0.716, having declined last week from above $0.729.

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