Asian stocks rise on China boost, currencies weaken on virus worries

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BENGALURU: Most Asian stock markets rose on Monday, with Philippine equities leading gains, tracking a rebound in Chinese shares, while currencies in the region weakened on rising COVID-19 cases.

The Philippine stocks jumped 2.8%, after having lost more than 3% in the previous session, while equities in Taiwan, Japan, and China all rose more than 1%.

China shares advanced as much as about 2% on Monday, as the benchmark index slightly recuperated from a sharp drop last week following a crackdown on the private education sector. China on Monday reported its highest daily rise in coronavirus cases since the start of this year, adding to fears of a surge in infections due to the more virulent Delta variant.

Investors also expect a slowdown in supply chains across Asia as western economies open up and shift back to services consumption, with pent up demand fading.

 

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