Hong Kong Surges in Asia Trading

Shares in Asia-Pacific were mixed on Monday, with Chinese stocks leading gains regionally as tech stocks in Hong Kong surged.

In Japan, the Nikkei 225 advanced 154.32 points, or 0.6%, to 27,915.89, as shares of Fast Retailing jumped 2.77%.

The Japanese yen traded at 130.71 per U.S. dollar, weaker as compared with levels below 128 seen against the greenback last week.

In Hong Kong, the Hang Seng index returned from a long weekend with a bang, popping 517.77 points, or 2.7%, to 21,653.90.

Shares of Chinese tech firms in Hong Kong soared following a Wall Street Journal report that regulators in China are concluding probes on ride-hailing firm Didi and two other U.S.-listed tech companies.

Regulators plan to lift a ban on the firms adding new users on their platforms, and allow their apps back on domestic app stores, according to the report.

Shares of Alibaba in Hong Kong gained 5.04% while Meituan jumped 9.9% and Baidu climbed 5.2%.

The Australian dollar was at $0.7223 after declining from above $0.725 late last week.


In Shanghai, the CSI 300 raced ahead 76.52 points or 1.9%, to 4,166.09.

China’s Caixin Services Purchasing Managers’ Index released Monday came in at 41.4, better than April’s reading of 36.2 but still in contraction territory.

The release comes on the back of last week’s official non-manufacturing PMI print of 47.8 for May, an improvement over April’s reading of 41.9 but still below the 50 mark that separates expansion from contraction.

PMI readings are sequential and represent month-on-month expansion or contraction.

In other markets

Markets in Korea and New Zealand were shuttered for holiday.

In Singapore, the Straits Times Index dished off 5.34 points, or 0.2%, to 3,226.63.

In Taiwan, the Taiex index resumed business after a holiday with a gain of 53.39 points, or 0.3%, to 16,605.96.

In Australia, the ASX 200 subtracted 32.48 points, or 0.5%, to 7,206.28.