Stock markets in Asia were higher on Monday. In addition, the indicators built on the profits from before the weekend. The hope that inflation may have peaked has reduced fears of interest rate hikes by central banks.
Hong Kong led the gains with an interim gain of 2.5 percent. Chinese tech companies with a listing in the Hang Seng index performed particularly well. Online shopping group Alibaba won 4.7 percent. Industry partner Meituan was more than 3 percent higher.
The fact that China seems to be taking less strict action against the tech sector contributed to the positive sentiment. Tech group Tencent lost 0.8 percent of its stock market value. Tech investor Prosus, which has a significant stake in Tencent, announced that it wants to sell shares of the Chinese group. With the proceeds, the company listed on the Amsterdam stock exchange wants to finance a share buyback program.
The Shanghai stock market was 1 percent higher. China’s industry is showing some signs of recovery after the dip as a result of the country’s strict corona measures that disrupted production, according to data from the Chinese Statistical Office.
Also in Tokyo, Seoul and Sydney clear gains were on the plate. Japan’s Nikkei index closed 1.4 percent higher. The Kospi in Seoul rose 1.8 percent. In Sydney, a profit of 1.9 percent was on the plate.