Global stocks started the week on a strong footing led by gains for technology shares across Asia-Pacific markets.
Hong Kong’s benchmark Hang Seng index climbed 1.9 per cent on Monday while South Korea’s Kospi rose 2 per cent and China’s CSI 300 index of Shanghai- and Shenzhen-listed stocks added 1.4 per cent. Japan’s Topix index was flat.
Technology stocks led the charge in Hong Kong, with shares in internet group Tencent rising by as much as 10 per cent to take the company’s market capitalisation gains for 2021 to $230bn. Tencent-backed livestreaming platform and TikTok rival Kuaishou plans to raise up to $6.3bn in a Hong Kong initial public offering, the Financial Times reported on Monday.
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