Asian stocks close higher, with Shanghai and Hong Kong at 2-month highs

Shares in Shanghai and Hong Kong closed at nearly two-month highs on Monday, as Beijing and Shanghai return to normal life after China’s biggest Covid-19 outbreak in two years, with sentiment buoyed by measures. to revive the country’s economy.

The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, rose 1.87%, the highest level in seven weeks, while the Shanghai index rose 1.28%, the highest since April 8.

Hong Kong’s Hang Seng Index rose 2.71%, also the highest since April 8, while the China Enterprises Index gained 3.2%.

Beijing will further ease Covid-19 restrictions by allowing indoor dining, while Shanghai has lifted most restrictions in recent days.

“The reopening in Shanghai was a positive catalyst in itself, but the immediate impact is more on sentiment than fundamentals,” Morgan Stanley analysts said in a note. “We continue to advise patience.”

China’s central bank will strengthen the implementation of its prudent monetary policy and advance measures to support the economy, Vice President Pan Gonsheng said.

• In Tokyo, the Nikkei index rose 0.56% to 27,915 points.
• In Hong Kong, the Hang Seng index rose 2.71% to 21,653 points
• In Shanghai, the SSEC index gained 1.28% to 3,236 points
• The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, rose 1.87% to 4,166 points.
• In Seoul, the Kospi index did not open
• In Taiwan, the Taiex index rose 0.32% to 16,605 points.
• In Singapore, the Straits Times index lost 0.17% to 3,226 points
• In Sydney, the S&P/ASX 200 index fell 0.45% to 7,206 points.