Chinese stocks rallied for a fifth straight day Monday, leading Asian markets mostly higher, while a stronger dollar also provided a tonic for regional exporters, helping Japanese shares gain ground.
In Tokyo, the Nikkei 225 index hiked 149.36 points, or 0.7%, to 20,413.77, helped by the stronger dollar.
The U.S. dollar continues its steady rise, and is now up nearly 2.0% versus the yen since the end of April. A stronger dollar is good for profits at major exporters such as Toyota Motor Corp.
The looming launch of a China-Hong Kong mutual fund recognition program, and expectations for the coming Shenzhen-Hong Kong stock connect, are adding to investor confidence, according to some experts.
Markets in Hong Kong and Korea were closed for holiday
CHINA
The Shanghai CSI 300 rose 148.26 points, or 3%, to 5,099.84
A wave of government-funded infrastructure projects to stabilize growth have helped to spark recent buying interest in stocks. Shanghai shares added 8.1% last week.
China’s Ministry of Finance said Monday it would cut import duties on cosmetics, shoes and clothes by 50% on average, as part of a plan to boost domestic consumption and sustain economic growth.
In other markets
In Taiwan, the Taiex gained 6.37 points, or 0.1%, to 9,645.17
In Singapore, the Straits Times index nicked up 10.67 points, or 0.3%, to 3,460.85
In New Zealand, the NZX 50 picked up 18.96 points, or 0.3%, to 5,794.98
In Australia, the S&P/ASX 200 added 56.73 points, or 1%, to 5,721.48
