Hang Seng Index Fell While Mainland Chinese Stocks Rose
Stocks in Asia-Pacific were mixed on Monday, as investors analyzed China’s benchmark lending rate, while oil prices jumped 4%.
In Hong Kong, the Hang Seng index, which gained more than 1% in early trade, erased gains and closed 0.89% lower at 21,221.34. Hong Kong’s benchmark index finished more than 4% higher last week following a volatile week that swung between big gains and losses.
On Monday, trading in the Hong Kong-listed shares of China Evergrande and its property and new energy vehicle unit was halted. China Evergrande said the trading halt was related to the pending release of an announcement containing inside information.
In the meantime, Hong Kong-listed shares of Russia’s Rusal declined 5.4%. Rusal made an interesting announcement on Monday. The company said it was evaluating the impact of a ban announced by the Australian government. Russia can no longer import alumina and alumina ores from Australia.
Mainland Chinese stocks and investors
Mainland Chinese stocks rose on Monday. The Shanghai composite rose slightly to 3,253.69. The Shenzhen component gained 0.414% to end its trading day at 12,379.64.
China decided not to change its one-year loan prime rate on Monday, largely in line with expectations.
In Australia, the S&P/ASX 200 dropped 0.22% on Monday to 7,278.50. South Korea’s Kospi fell 0.77% to close at 2,686.05.
Moreover, markets in Japan were closed on Monday for a holiday.
U.S. stocks rose on Friday as the major averages notched their best week in more than a year. The Dow Jones Industrial Average gained 274.17 points or 0.8% for the fifth day in a row to 34,754.93. The S&P 500 added 1.1% to 4,463.12. The Nasdaq Composite gained 2.05% to 13,893.84. Importantly, the S&P 500 and the Nasdaq Composite surged for a fourth consecutive day.
It is worth noting that the S&P 500 ended the week 6.1% higher, and the Dow gained 5.5%. The Nasdaq Composite added 8.1%.
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