Shares in the Asia Pacific region were mixed on Monday, while markets in Japan were closed for a holiday.
Japan is on holiday till May 6 to celebrate the enthronement of the country’s Crown Prince Naruhito.
The Japanese yen traded at 111.70 against the U.S. dollar after touching lows beyond 112.2 in the previous trading week.
The Hang Seng index in Hong Kong vaulted 287.80 points, or 1%, to 29,892.81
In South Korea, the Kospi added strength, with shares of industry heavyweight Samsung Electronics jumping 2.9% ahead of its earnings release on Tuesday.
Singapore’s Straits Times Index jumped 1.54% in afternoon trade as shares of DBS Group, Southeast Asia’s biggest lender, surged more than 3.4% after it reported a record quarterly profit. The shares of other banks in Singapore also climbed, with Oversea-Chinese Banking Corp rising more than 2%, and United Overseas Bank up more than 2.8%.
The Australian dollar changed hands at $0.7053 after slipping from highs above $0.714 last week.
CHINA
The CSI 300 in China regained 11.06 points, or 0.3%, to 3,900.33
Shenzhen-listed shares of electric vehicle maker BYD gained 0.52% after the company reported a 632% surge in first-quarter net profit. Its Hong Kong-listed counterpart, on the other hand, declined more than 0.8%.
One investor told the media valuations in Chinese markets were “a little bit expensive” at the moment.
Mainland Chinese markets stumbled to their worst weekly performance since October last week, with the Shanghai composite dropping more than 5.5%.
Research firm Capital Economics attributed the weakness to comments made by China’s top decision-making body about the country’s economic stimulus plans. While Chinese officials said they would continue to support the economy, better-than-expected first-quarter GDP results sparked worries about potential near-term policy easing.
In other markets
In Singapore, the Straits Times Index climbed 50.07 points, or 1.5%, to 3,407.02
Korea’s Kospi Index recovered 37.12 points, or 1.7%, to 2,216.43
The Taiex Index in Taiwan slumped 13.41 points, or 0.1%, to 10,939.06
In New Zealand, the NZX 50 regrouped 18.2 points, or 0.2%, to 10,012.77
In Australia, the ASK 200 shed 26.15 points, or 0.4% to 6,359.49.
