Asian stocks were mostly higher on Monday as investors looked for further developments on U.S.-China trade. Mainland Chinese stocks closed higher, with the Shanghai composite up 0.62% to about 2,909.20 and the Shenzhen composite gaining 0.715% to approximately 1,617.19. The Shenzhen component also advanced 0.7% to 9,715.27.
The moves came as the People’s Bank of China set its seven-day reverse repurchase (repo) rate at 2.5%. Hong Kong’s Hang Seng index rose 1.35% to close at 26,681.09, with shares of Chinese tech juggernaut Tencent jumping 3.13%. The moves came against the background of ongoing turmoil in Hong Kong, which continues to be rocked by civil unrest that has now lasted for months. On Monday, a local high court ruled that a face mask ban enacted last month was “incompatible” with the city’s mini-constitution.
Japan’s Nikkei 225 added closed at 23,416.76 adding 0.49%, while the Topix index gained 0.24% to end its trading day at 1,700.72. Shares of Z Holdings and Line rose 1.2% and 2.18%, respectively. The moves came as Softbank Corp announced plans to merge Z Holdings with Naver’s Line.
South Korea’s Kospi, on the other hand, slipped slightly to close at 2,160.69. Shares in Australia also edged lower, with the S&P/ASX 200 down 0.4% on the day to 6,766.80.
Overall, the MSCI Asia ex-Japan index was 0.5% higher.