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Main Asia markets rise practically 2%; Hong Kong’s Cling Seng appears set to bounce from bear territory

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

By Monday afternoon in Hong Kong, the Cling Seng index rose 1.81%, after shares of Chinese language tech large Tencent rose practically 3% whereas Hong Kong Exchanges and Clearing surged virtually 6%.

Heavy losses final week left the Cling Seng index greater than 20% beneath its mid-February excessive as regulatory uncertainty clouded the outlook for Chinese language know-how corporations.

Mainland Chinese language shares additionally rose, with the Shanghai composite up 1% whereas the Shenzhen element gained 1.434%.

The Nikkei 225 in Japan rose 1.82% whereas the Topix index jumped 1.9%.

South Korea’s Kospi gained 1.52%. Shares of LG Chem, nevertheless, plunged round 10%. On Friday, Common Motors mentioned it was increasing its recall of Chevrolet Bolt EVs after discovering manufacturing defects in sure battery cells produced at LG manufacturing services.

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In Australia, the S&P/ASX 200 edged 0.29% greater.

MSCI’s broadest index of Asia-Pacific shares exterior Japan rose 1.49%.

Monday’s positive aspects for Asia-Pacific shares got here on the again of losses final week. Issues just like the potential tapering by the U.S. Federal Reserve in addition to the unfold of the delta Covid-19 variant proceed to weigh on investor sentiment.

Oil jumps practically 2%

Oil costs had been greater within the afternoon of Asia buying and selling hours, with worldwide benchmark Brent crude futures up 1.73% to $66.31 per barrel. U.S. crude futures superior 1.71% to $63.20 per barrel.

The U.S. greenback index, which tracks the buck towards a basket of its friends, was at 93.313 after its current climb from beneath 93.2.

The Japanese yen traded at 109.87, stronger than ranges above 110 seen towards the buck final week. The Australian greenback was at $0.716, having declined final week from above $0.729.

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