Asia report: Markets rise, airline stocks weaken in Hong Kong

Markets in Asia closed in the green on Monday, although some airline stocks fell as a planned travel bubble between Hong Kong and Singapore was deferred.

Traders had the day off in Japan for the Labor Thanksgiving Day holiday, as the yen strengthened 0.13% against the dollar to last trade at JPY 103.73.

On the mainland, the Shanghai Composite rose 1.09% to 3,414.49, and the smaller, technology-heavy Shenzhen Composite added 0.54% to 2,301.96.

South Korea’s Kospi was ahead 1.92% at 2,602.59, while the Hang Seng Index in Hong Kong managed gains of 0.13% to 26,486.20.

Airline shares were weaker in the special administrative region, with Cathay Pacific down 1.15% and China Eastern Airlines off 1.15%.

That came after a planned quarantine-free travel bubble between the special administrative region and the city-state of Singapore was delayed, amid rising Covid-19 cases in Hong Kong.

South Korean authorities announced stricter social distancing measures for the Seoul metropolitan area during the day, though that failed to put a dampener on market sentiment in that country.

The blue-chip technology stocks surged on the Korean peninsula, with Samsung Electronics up 4.33% and SK Hynix ahead 3.31%.

Oil prices were higher at the end of the Asian day, with Brent crude last up 1.16% at $45.48 per barrel, and West Texas Intermediate rising 0.83% to $42.77.

In Australia, the S&P/ASX 200 was up 0.34% at 6,561.60, while across the Tasman Sea, New Zealand’s S&P/NZX 50 gained 0.48% to 12.501.74.

The down under dollars were both stronger on the greenback, with the Ausse last ahead 0.38% at AUD 1.3642, and the Kiwi advancing 0.41% to NZD 1.4371.