Hong Kong stocks led gains in a mixed Asia-Pacific session as Japan’s benchmark index was dragged lower by tech giant SoftBank Group.
In Japan, the Nikkei 225 dropped 300.1 points, or 1.1%, to 27,963.47, as heavyweight SoftBank plunged as much as 14% after its Vision Fund reported further losses. Later this week, Japan is slated to report figures for gross domestic product, trade and consumer inflation, while Indonesia’s central bank holds a monetary policy meeting. Alibaba and JD.com are expected to release earnings results.
In Hong Kong, the Hang Seng gained 294.05 points, or 1.7%, to 17,619.71, mostly boosted by property stocks. The Hang Seng index saw the best day since March 16.
CHINA
In Shanghai, the CSI 300 nosed ahead 5.58 points, or 0.2%, to 3,794.02.
Observers are not expecting much progress from the bilateral summit between U.S. President Joe Biden and Chinese leader Xi Jinping, according to Economist Impact, the policy and insights arm of The Economist Group.
Shares of Chinese property developers listed in Hong Kong surged at the open following a local media report that a number of additional measures will be introduced to support the real estate market’s recovery.
Cifi Holdings rose 29.84%, Country Garden jumped 32%, Logan Group rose 38%, and Longfor Group jumped 22% early in the session, buoying the wider index.
In other markets
In Taiwan, the Taiex jumped 167.34 points, or 1.2%, to 14,147,90.
In Korea, the Kospi index slid 8.51 points, or 0.3%, to 2,474,65.
In Singapore, the Straits Times Index added 32.47 points, or 1%, to 3,260.80.
In Australia, the ASX 200 slid 11.61 points, or 0.2%, to 7,146.35.
In New Zealand, the NZX 50 faded 79.79 points, or 0.7%, to 11,231.97.