Shares in Asia-Pacific were mixed on Monday as investors reacted to the release of China’s latest benchmark lending rate, while oil prices surged 4%.
Japanese markets were closed for holiday. The Japanese yen traded at 119.22 per U.S. dollar following its weakening last week from levels below 118.2 against the greenback.
In Hong Kong, the Hang Seng index fell 191.06, or 0.9%, to 21,221.34. The city’s benchmark index finished more than 4% higher last week following a volatile week which swung between big gains and losses.
Trading in the Hong Kong-listed shares of China Evergrande and its property services and new energy vehicle unit was halted on Monday, according to exchange notices. Evergrande said the trading halt was related to the pending release of an announcement containing inside information.
Meanwhile, Hong Kong-listed shares of Russia’s Rusal dropped 5.4%. The firm said Monday it was evaluating the impact of a ban announced Sunday by the Australian government on exports of alumina and aluminum ores to Russia.
The Australian dollar changed hands at $0.7395, as compared with levels below $0.721 seen last week.
CHINA
In Shanghai, the CSI 300 let go of 7.15 points, or 0.2%, to 4,258.75.
China’s one-year loan prime rate was kept unchanged at 3.7% on Monday, largely in line with expectations from a Reuters survey.
Investors have been watching for hints of policy support from Beijing following a Chinese state media report last week that signaled support for Chinese stocks.
UBS Global Wealth Management’s Eva Lee said policy easing measures by Chinese authorities — including one to two rounds of cuts in the reserve requirement ratio for banks — are expected ahead. She added the earliest of any actions may be in early April, based on past practices.
In other markets,
In Singapore, the Straits Times Index gained 24.86 points, or 0.8%, to 3,355.51
In Korea, the Kospi index moved lower 20.97 points, or 0.8%, to 2,686.05
In Taiwan, the Taiex index jumped 103.84 points, or 0.6%, to 17,560.36.
In New Zealand, the NZX 50 inched ahead 1.9 points to 12,177.75.
In Australia, the ASX 200 subtracted 15.8 points, or 0.2%, to 7,278.55.
