SINGAPORE — Stocks in Asia-Pacific rose in Monday trade as investors continue to watch for coronavirus developments.
South Korea’s Kospi led gains among the region’s major markets as it gained 1.86%, with shares of industry heavyweight Samsung Electronics up more than 3%.
Mainland Chinese stocks were higher by the afternoon: The Shanghai composite rose 0.86% while the Shenzhen component gained 0.456%. Hong Kong’s Hang Seng index trailed as it declined 0.18%.
Elsewhere, the S&P/ASX 200 in Australia rose about 0.5%.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.63%.
Meanwhile, shares of airlines in Hong Kong and Singapore slipped in Monday trade.
In Hong Kong, Cathay Pacific plunged 4.63% while China Eastern Airlines declined 1.43%. Over in Singapore, shares of Singapore Airlines dipped 0.98%.
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. The Straits Times index in the country was last about 0.7% higher.
Markets in Japan are closed on Monday for a holiday.
Developments surrounding the coronavirus likely continued to weigh on investor sentiment. South Korea is set to impose stricter distancing regulations for the greater Seoul area and southwestern region in an attempt to stem a resurgence of the coronavirus, according to Yonhap. Meanwhile, the U.S. recently reported nearly 200,000 new virus cases less than a week before Thanksgiving.
Currencies and oil
Source: CNBC