Chinese stock markets were up on Monday. Investors appear to be confident that the further lifting of the corona measures in Beijing will lead to a rebound in economic activity. Investors came back from a long weekend.
Stocks related to the electric car industry were especially among the winners. That was due to better-than-expected sales results from Chinese automaker BYD in May.
In the capital Beijing, more and more is possible for residents now that the number of infections is decreasing and the authorities are reducing the measures. The easing in Beijing follows the phasing out of the measures that previously shut down the metropolis of Shanghai, the financial centre of the country. Last month, the lockdowns caused, among other things, that activity in the services sector contracted more than expected. The restrictions still seem to affect the economy this month.
The stock exchange in Shanghai was 1 percent higher in the meantime and sentiment in Shenzhen was also positive, given the profit of 2.2 percent that was on the boards. The Hang Seng index in Hong Kong was also up. That indicator gained 1.4 percent in the meantime.
In Japan, the Nikkei closed with a gain of 0.6 percent. Clothing group Fast Retailing was a strong climber with a profit of almost 3 percent. In Australia, the All Ordinaries lost 0.5 percent.