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Hong Kong’s Cling Seng edges out of bear territory; oil costs surge

SINGAPORE — Shares in Asia-Pacific rose on Monday commerce as Hong Kong’s Cling Seng index bounced again after slipping right into a bear market final week.

The Cling Seng index rose 1.05% to shut at 25,109.59, as shares of Chinese language tech big Tencent rose practically 2% whereas Hong Kong Exchanges and Clearing surged 5.66%.

Monday’s positive aspects for the Cling Seng got here after heavy losses final week, with the index falling greater than 20% beneath its mid-February excessive. Regulatory uncertainty in China has clouded the outlook for Chinese language know-how corporations.

Mainland Chinese language shares additionally rose on the day, with the Shanghai composite up 1.45% to three,477.13 whereas the Shenzhen part gained 1.981% to 14,535.88.

The Nikkei 225 in Japan rose 1.78% to shut at 27,494.24 whereas the Topix index jumped 1.83% to finish the buying and selling day at 1,915.14.

South Korea’s Kospi closed 0.97% greater at 3,090.21. Shares of LG Chem, nevertheless, plunged 11.14% after Basic Motors mentioned Friday it was increasing its recall of Chevrolet Bolt EVs. The automaker mentioned it discovered manufacturing defects in sure battery cells produced at LG manufacturing amenities.

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In Australia, the S&P/ASX 200 edged 0.39% greater to shut at 7,489.90.

MSCI’s broadest index of Asia-Pacific shares exterior Japan rose 1.17%.

Monday’s positive aspects for Asia-Pacific shares got here after final week’s losses. Buyers have been involved in regards to the potential tapering by the U.S. Federal Reserve in addition to the unfold of the delta Covid-19 variant.

Oil jumps practically 3%

Oil costs had been greater within the afternoon of Asia buying and selling hours, with worldwide benchmark Brent crude futures up 3.1% to $67.2 per barrel. U.S. crude futures superior 3.07% to $64.05 per barrel.

The U.S. greenback index, which tracks the dollar in opposition to a basket of its friends, was at 93.224 after its latest climb from beneath 93.2.

The Japanese yen traded at 109.94, stronger than ranges above 110 seen in opposition to the dollar final week. The Australian greenback was at $0.7167, having declined final week from above $0.729.

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