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Hong Kong’s stock market was the clear winner in Asia trading on Monday as investor sentiment soured in Sydney and Tokyo.
The benchmark Hang Seng index was 0.4 per cent higher, with Chinese developer Country Garden up as much as 11.4 per cent following the announcement of its planned inclusion on the index. Cathay Pacific, set to lose its membershiop, fell as much as 3.6 per cent.
Gaming company Razer’s shares climbed as much as 41.5 per cent on its first day of trading in Hong Kong. The Shanghai and Shenzhen composite indices added 0.3 per cent and 0.1 per cent respectively. Asia-focused insurer AIA was up as much as 6.1 per cent on Beijing’s plans to ease limits on foreign ownership in China’s financial sector.
Outside of Hong Kong and China – where the Shanghai Composite gained 0.3 per cent – Asia Pacific equities mostly struggled after global markets edged lower on Friday.
Tokyo’s Topix dropped 0.4 per cent, with the industrials segment down 0.8 per cent. Sydney’s S&P/ASX 200 index was down 0.3 per cent as financials dipped 0.8 per cent.