Hong Kong stocks jump 4% as China relaxes some virus rules

CNBC – UPDATED MON, DEC 5 20223:50 AM EST

Shares in the Asia-Pacific mostly rose on Monday as China relaxed virus testing rules in some cities, signaling more easing may come in the nation, which has been under strict Covid-related restrictions for more than two years.

Hong Kong’s Hang Seng index rose 4.51% to close at 19,518.29, leading gains in the region, with the Hang Seng Tech index gaining 9.27%. In mainland China, the Shanghai Composite added 1.76% to 3,211.81 and the Shenzhen Component gained 0.92% to 11,323.35.

Oil prices rose 2% before paring gains to trade around 0.5% higher as OPEC+ stuck to its policy of lowering oil production and China relaxed some Covid rules.

The Nikkei 225 in Japan gained 0.15% to 27,820.40 and the S&P/ASX 200 in Australia rose 0.33% to 7,325.60. South Korea’s Kospi bucked the trend to fall 0.62% to 2,419.32. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.66%.

In the U.S. on Friday, stocks fell after a strong jobs report but markets later focused on the possibility of smaller Fed hikes, and major indexes closed slightly lower.

Source: https://www.cnbc.com/2022/12/05/asia-markets-china-caixin-services-pmi-economy-stocks-oil.html