Asia-Pacific markets traded higher as Hong Kong and mainland China resumed quarantine-free travel over the weekend, signaling the end of zero-COVID policy which kept borders effectively closed for nearly three years.
Japan’s markets were closed to observe Coming of Age Day, a public holiday.
In Hong Kong, the Hang Seng revived 396.70 points, or 1.9%, to 20,338.34, following the reopening. Technology stocks led gains alongside travel and consumer names.
Shares of Alibaba rose as much as 5.8% at the open in Hong Kong, leading gains after Ant Group founder Jack Ma reportedly gave up control of the company. Ant Group is an affiliate of Alibaba, which holds a 33% stake in the fintech company.
Other technology names rose, with NetEase up 1.9% and Tencent gaining 1.5%.
In Australia, markets jumped as as investors digested the Australia’s buildings approvals print that came in significantly lower than expected.
In other markets
In Shanghai, the CSI 300 added 32.23 points, or 0.8%, to 4,013.12.
In Taiwan, the Taiex vaulted 378.87 points, or 2.6%, to 14,752.21
In Korea, the Kospi index took on 60.22 points, or 2.6%, to 2,350.19.
In Singapore, the Straits Times Index regained 28.95 points, or 0.9%, to 3,305.67.
In New Zealand, the NZX 50 gained 20.48 points, or 0.2%, to 11,646.45.
In Australia, the ASX 200 improved 41.73 points, or 0.6%, to 7,151.13.
