Thu. Nov 26th, 2020

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Asia-Pacific shares opened strong

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Asia-Pacific stocks

Shares of Asia-Pacific rose during Monday morning trade as investors continue to watch for coronavirus developments.

South Korea’s Kospi led gains among the region’s major markets as it gained 1.68%, with shares of industry heavyweight Samsung Electronics up more than 3%.

Hong Kong’s Hang Seng index traded fractionally higher. Mainland Chinese stocks, however, were mixed: The Shanghai composite rose about 0.2% while the Shenzhen component shed 0.197%.

Elsewhere, the S&P/ASX 200 in Australia rose about 0.5%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.62% higher.

Meanwhile, shares of airlines in Hong Kong and Singapore slipped in Monday morning trade.

In Hong Kong, Cathay Pacific plunged 4.35% while China Eastern Airlines declined 2.01%. Over in Singapore, shares of Singapore Airlines dipped 0.73%.

The moves came after an anticipated air travel bubble between the two cities was delayed. Hong Kong has seen a recent increase in coronavirus cases.

On the economic data front, Singapore’s economy contracted 5.8% in the third quarter, according to the country’s Ministry of Trade and Industry. The economy is now expected to contract by between 6% and 6.5% in 2020 compared to a year ago, and bounce back to growth in 2021, said the ministry.

Markets in Japan are closed on Monday for a holiday.

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