SINGAPORE — Stocks in major Asia-Pacific markets were higher in Monday trade as investors continue to monitor the situation surrounding the coronavirus pandemic.
South Korea’s Kospi led gains among the region’s major markets as it advanced 2.1%.
Hong Kong’s Hang Seng index also saw robust gains as it rose about 1.9%. Mainland Chinese stocks also rose: The Shanghai composite was 0.5% higher while the Shenzhen component advanced 0.868%.
Amid the pandemic, China surpassed the U.S. as the world’s largest recipient of foreign direct investment, according to a report released Sunday from the United Nations Conference on Trade and Development.
China brought in $163 billion in inflows last year, compared to $134 billion attracted by the U.S., according to the report.
Meanwhile, investors will await Chinese President Xi Jinping‘s keynote address at the Davos Agenda 2021 on Monday night Asia time.
In Japan, the Nikkei 225 nudged 0.43% higher while the Topix index gained 0.13%.
Shares in Australia edged higher, with the S&P/ASX 200 up 0.36%.
MSCI’s broadest index of Asia-Pacific shares excluding Japan traded 1.11% higher.
Developments around Covid-19 are likely to be watched by investors, as the world races to adapt against the mutating coronavirus which has produced a number of potentially more infectious variants.
In Hong Kong, the government on early Monday lifted a lockdown in an area of the Kowloon district after around 7,000 people were tested for coronavirus, according to Reuters.
Globally, more than 99 million people have been infected by Covid-19 and at least 2,127,206 lives have been taken, according to data compiled by Johns Hopkins University.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.136 after seeing a recent decline from levels above 90.6.
The Japanese yen traded at 103.70 per dollar following levels below 103.5 against the greenback seen last week. The Australian dollar changed hands at $0.7743, off levels above $0.776 seen last week.
Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up slightly at $55.43 per barrel. U.S. crude futures gained 0.11% to $52.33 per barrel.
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Source: CNBC