Major Asia Markets Rise Nearly 2%; Hong Kong’s Hang Seng Looks Set To Bounce From Bear Territory

  • Posted on August 23, 2021
  • News
  • By FC Team
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SINGAPORE — Stocks in Asia-Pacific rose in Monday trade as Hong Kong’s Hang Seng index bounced back after falling into a bear market last week.By Monday afternoon in Hong Kong, the Hang Seng index rose 1.81%, after shares of Chinese tech giant Tencent rose nearly 3% while Hong Kong Exchanges and Clearing surged almost 6%.Heavy losses last week left the Hang Seng index more than 20% below its mid-February high as regulatory uncertainty clouded the outlook for Chinese technology companies.Mainland Chinese stocks also rose, with the Shanghai composite up 1% while the Shenzhen component gained 1.434%.The Nikkei 225 in Japan rose 1.82% while the Topix index jumped 1.9%.South Korea’s Kospi gained 1.52%. Shares of LG Chem, however, plunged around 10%. On Friday, General Motors said it was expanding its recall of Chevrolet Bolt EVs after finding manufacturing defects in certain battery cells produced at LG manufacturing facilities.cnbc.com

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