Asia-Pacific Markets Jumps Nearly 3% After Hong Kong’s Hang Seng Index Climbs

Asia-Pacific Markets Jumps Nearly 3% After Hong Kong’s Hang Seng Index Climbs

Asia-Pacific markets jumps nearly 3% after Hong Kong’s Hang Seng index climbs. On Monday, stocks in Asia-Pacific rose as in Hong Kong, the Hang Seng index surged 1.81%, after falling into a bear market last week.

Shares of Chinese tech giant Tencent jumped nearly 3%, Hong Kong Exchanges and Clearing rose almost 6%.

Last week’s heavy losses pulled Hang Seng index more than 20% down its mid-February high as regulatory uncertainty troubled the outlook for Chinese technology companies.

Mainland Chinese market also traded high with the Shanghai composite gaining 1% while the Shenzhen component jumped 1.434%.

Japan’s Nikkei 225 surged 1.82% and the Topix index rose 1.9%. LG Chem’s shares jumped around 10%.

In South Korea Kospi climbed 1.52%. Shares of LG Chem, however, plunged around 10%. On Friday, General Motors said on Friday it would expand its recall of Chevrolet Bolt EVs after finding manufacturing defects in certain battery cells produced at LG manufacturing facilities.

Australia’s S&P/ASX 200 rose 0.29%.

Worries for the tapering by the U.S. Federal Reserve and the delta variant’s rapid spread continue to weigh on risk sentiment.

Oil prices jumped during the afternoon of Asia trading hours. International benchmark Brent crude futures advanced 1.73% to $66.31 per barrel. U.S. crude futures climbed 1.71% to $63.20 per barrel.

The U.S. dollar index reached 93.313 after its recent rise from below 93.2.

The Japanese yen was at 109.87. The Australian dollar traded at $0.716, down compared to above $0.729 in last week.