Stocks in Tokyo and Shanghai jumped on Monday, with most of Asia rising as the region continued to recover from last week's bruising sell off.
Japan's Nikkei was up 1.8% to 14718.34 and Australia's S&P/ASX 200 rose 1.1% to 5222.10.
The Philippines' PSE added 0.5% to 6042.25 and South Korea's Kospi added less than 0.1% to close at 1923.30. Hong Kong however, ended down 0.3% at 21579.26.
Aside from Japan, stocks in mainland China were Asia's other big mover — with the Shanghai Composite up 2% to 2086.18 after the People's Bank of China over the weekend said it would guard against the risks from wealth-management products and local government debt. The central bank will also manage monetary policy in accordance with the conditions of the economy and financial institutions, the bank's statement said.
Electric car makers were the star of the show on Monday, shooting higher after authorities announced better-than-expected subsidies for these cars. BYD Co. surged 10% and FAW Car Co.
also gained 10%. There was also a knock-on for power equipment manufacturers, on hopes that the sector will benefit from the electric vehicle market: XJ Electric Co. and Beijing Dynamic Power Co. both added 10%.
also gained 10%. There was also a knock-on for power equipment manufacturers, on hopes that the sector will benefit from the electric vehicle market: XJ Electric Co. and Beijing Dynamic Power Co. both added 10%.
Regional markets were also looking ahead to a number of events, in both the U.S. and Asia, which could move stocks.
Source: WSJ
