Asia stocks surge for the most part
In Monday afternoon trade, markets in Asia Pacific were having a favorable time, with Japan stocks rising following the political developments in the country affected investor sentiments.
Mainland Chinese stocks were going up in the morning, with the Shanghai composite ascending 0.8% while the Shenzhen component jumped 0.619%. Hong Kong’s Hang Seng index soared 1.36%.
In Japan, the Nikkei 225 added 1.74% while the Topix index rose 1.51%, after losses on Friday as the Prime Minister Shinzo Abe, who served Japan for a long time, announced a resignation on Friday due to his illness. Developments in Japanese politics continued to be monitored by investors on Monday, as the country was in the process of looking for a new prime minister.
The Japanese yen traded at 105.52 per dollar, after going up above 106.5 against the greenback late last week, as reported by CNBC.
Meanwhile, South Korea’s Kospi dropped 0.34%. The S&P/ASX 200 in Australia went above the flatline.
Overall, the MSCI Asia ex-Japan index traded by adding 0.39%.