Hong Kong Finishes 5% Higher

Hong Kong shares closed at session highs after Chinese health officials reported rising vaccination rates among the elderly, which experts say is critical to reopening the economy after sporadic shutdowns.

The Hang Seng index in Hong Kong finished the session 5.24% higher at 18,204.68. The index rose 7.66%. The Shanghai Composite increased by 2.31% to 3,149.75, while the Shenzhen Component increased by 2.4% to 11,089.021.

The CSI 300 index rose 3.091% to 3,848.421 as the country’s COVID cases were lower on Monday than on Sunday. This was the first decline since November 19.

The moves follow a negative start to the week as investors reacted to concerns about China’s COVID restrictions. Each of the major US indexes lost about 1.5%.

In Australia, the S&P/ASX 200 rose 0.33% to 7,253.30. The Kospi in South Korea rose by about 1%. MSCI’s broadest Asia-Pacific share index rose 1.73%.

Meanwhile, Japan’s Nikkei 225 fell 0.48% to 28,027.84, and the Topix fell 0.57% to 1,992.97 as retail sales data fell short of expectations and the country’s unemployment rate remained unchanged from September.

Shares of U.S.-listed Chinese technology companies rose in premarket trading after Chinese health authorities reported a rise in vaccination rates among the elderly.

Following the press briefing by health authorities, Hong Kong-listed tech companies also surged — the wider Hang Seng Tech index ended the session more than 7.6% higher.

According to Singapore’s central bank chairman, Singapore banks’ exposure to cryptocurrency is negligible.

The MAS also stated that it would adhere to the framework established by the international standard-setter Basel Committee on Banking Supervision to treat banks’ exposure to digital assets.