China Leads Asia Surge

Mainland China’s CSI 300 closed higher Monday morning.

Markets in Japan were closed for holiday.

In Hong Kong, the Hang Seng index recovered 580.51 points, or 2.4%, to 24.143.05.

Alibaba shares rose 3.7% Monday following the preview launch of its flagship Qwen 3.8 Max model on Sunday.

Earlier in the day, the sharp decline in the Kospi prompted the Korea Exchange to activate a sell-side sidecar on the index, temporarily halting program trading.

Index heavyweights Samsung dropped 4.3%, and SK Hynix fell 4.2%, on an extended chip out.

Hyundai Motor fell 6.1%, following local reports last week that the automakers union was extending a partial strike starting.

CHINA

In Shanghai, the CSI index slumped 169.34 points, or 3.6%, to 4,529.10.

Zhongji Innolight surged as much as 8%, before ending the day 2.5% higher, after receiving approval for a major Hong Kong listing in what is likely to be one of the city’s biggest in years.

In other markets;

In Singapore, the Straits Times 50 index lost 10.48 points, or 0.2%, to 5,498.96

In Korea, the Kospi index faded 304.33, or 4.5%, to 6,516.27

In Taiwan, the Taiex index cratered 221.57 points, or 0.5%, to 42,449.70.

In New Zealand, the NZX 50 eked up 1.35 points to 13,696.03.

In Australia, the ASX dipped 5.48 points, or 0.1%, to 8,791.27.