Stocks in mainland China advanced on Monday following reports that the U.S and China might be close to finalizing a trade deal, with Beijing offering to lower tariffs on certain U.S. products.
Shanghai composite rose 1.12 percent to close at about 3,027.58 — breaching the 3,000 level for the first time since June 2018. Meanwhile, the Shenzhen component surged 2.364 percent to close at 9,384.42 and the Shenzhen composite added 2.214 percent to finish its trading day at 1,599.48.
Hong Kong’s Hang Seng index also rose more than 0.7 percent in its final hour of trading, with shares of Chinese telecommunications equipment firm ZTE gaining 1.84 percent.
Other markets in Asia mostly gained. Japan’s Nikkei 225 advanced 1.02 percent to close at 21,822.04 as shares of index heavyweight Fanuc jumped 3.48 percent. The Topix was 0.73 percent higher to end its trading day at 1,627.59.
The ASX 200 in Australia rose 0.4 percent to close at 6,217.40, with the materials subindex gaining 0.66 percent. Shares of major miners advanced: Rio Tinto added 1.59 percent, Fortescue Metals Group soared 6.86 percent and BHP Billiton gained 1.18 percent.
In South Korea, however, the Kospi shed earlier gains to close 0.22 percent lower at 2,190.66 with industry heavyweight Samsung Electronics declining 0.55 percent.
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