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Asia stocks mixed; China and Hong Kong rally 2% on reform hopes

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Investing.com -

Investing.com - Asian stock markets were mixed on Monday, with shares in China and Hong Kong rallying sharply amid speculation the government will take steps to boost equities.

During late Asian trade, Hong Kong's Hang Seng surged 2.4%, China's Shanghai Composite jumped 1.93%, Australia's S&P/ASX 200 closed 0.23% lower, while Japan's Nikkei 225 ended down 0.35%.

Shares in mainland China and Hong Kong rallied after the State Council said over the weekend that it will deepen reforms of the nation's capital markets.

China Construction Bank (HK:0939) shares jumped 2.3% in Hong Kong, ICBC (HK:1398) rose 1.5%, while China Minsheng Banking (HK:1988) and China Citic Bank (HK:0998) gained 2.4% and 1.6% respectively.

Index heavyweights Lenovo Group (HK:0992) and Tencent (HK:0700) tacked on 1.4% and 5.5% respectively.

Meanwhile, in Tokyo, the Nikkei ended lower as investors continued to monitor events in Ukraine, after results of Sunday's referendum showed 89% of voters in the eastern Ukrainian city of Donetsk voted in favor of self-rule.

In earnings news, DeNa plunged 20.4% after the online-gaming network operator forecast operating profit that missed estimates.

Olympus (TOKYO:7733) rallied 4.8% after the maker of cameras and medical equipment posted an almost 70% increase in profit for the last fiscal year.

Elsewhere, in Australia, the ASX/200 Index edged lower as losses in the mining sector weighed on the benchmark index.

Fortescue Metals Group (ASX:FMG) and Atlas Iron (ASX:AGO) dropped 1.9% and 3% respectively, while Bluescope Steel (ASX:BSL) lost 2.5%.

Looking ahead, European stock market futures pointed to a modestly higher open as investors awaited the West's response to Donetsk's vote to break away from Ukraine.

The Euro Stoxx 50 pointed to a gain of 0.25%, France's CAC 40 dipped 0.15%, London's FTSE 100 indicated a rise of 0.3%, while Germany's DAX picked up 0.3%.

Across the Atlantic, U.S. equity markets also pointed to a firmer open. The Dow 30 pointed to a gain of 0.1%, the S&P 500 inched up 0.15%, while the Nasdaq 100 indicated a rise of 0.15%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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