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TMN - chinese shares

Chinese Shares Climb after Returning from Holiday

On Monday, Chinese stocks jumped as they returned to trade after closing last week for the Lunar New Year holidays.

Accordingly, the benchmark Shanghai composite soared 1.80% or 60.66 points to 3,422.10.

At the top of the index, investment vehicle HNA Technology hiked 10.14% or 0.04 points to $0.48 per share.

Following the trend, transportation company Huaihe Energy elevated 10.13% or 0.04 points to $0.41 per share.

Consequently, the Shenzhen Component index bounced up 1.04% or 139.02 points to 13,467.08.

Changsha DIALINE, a diamond wire seller, surged 20.00% or 0.60 points to $3.60 per share.

Similarly, oil-drilling and production equipment provider Dezhou United gained 19.99% or 0.72 points to $4.29 per share.

Meanwhile, other major Asian indexes fell behind Chinese shares as investors worried about the possible Federal Reserve aggressive tightening.

In Hong Kong, the Hang Seng index slashed 0.31% or 76.24 points to 24,497.05 per share.

Miniaturized acoustic components manufacturer AAC Technologies Holdings Inc. plummeted 3.49% or 0.85 points to $3.02 per share.

Then, e-commerce giant Alibaba lost 3.65% or 0.56 points to $14.89 per share.

Similarly, food delivery service Meituan slashed 2.65% or 0.77 points to $28.34 per share.

Japan Underperforms Chinese Shares

In Japan, the benchmark Nikkei 225 declined 0.71% or 195.65 points to 1,925.99. Then, the broader TOPIX skidded 0.24% or 4.57 points to 1,925.99, underperforming Chinese shares.

Notably, Toshiba announced that it would sell its 60.00% stake in its air conditioning unit to Carrier Global for $870.00 million.

Eventually, the Japanese multinational conglomerate increased to 2.18% or 0.89 points to 41.86 per share.

In South Korea, the KOSPI weakened 0.44% or 12.04  points to 2,738.22.

Meanwhile, Australia’s S&P/ASX 200 index rose 0.02% to 1.60 points to 7,121.80.

Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.19% or 1.12 points lower to 614.08.

Read also: VHNX Review (2022) | Why should you choose them?

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