Hong Kong stocks jump 4% as China eases some virus rules

Shares in the Asia-Pacific region mostly rose Monday after China eased regulations on virus testing in some cities. This indicates further easing in the country, which has been subject to strict covid-related restrictions for more than two years.

Hong Kong's Hang Seng Index rose 4.51% to close at 19,518.29 points, leading gains in the region, while the Hang Seng Tech Index gained 9.27%. In mainland China, the Shanghai Composite rose 1.76% to 3,211.81 and the Shenzhen Component gained 0.92% to 11,323.35.

Oil prices rose 2% before giving back their gains to trade 0.5% higher as OPEC + maintained its policy of cutting oil production and China eased some covid rules.

Japan's Nikkei 225 gained 0.15% to 27,820.40 and Australia's S&P/ASX 200 rose 0.33% to 7,325.60. South Korea's Kospi bucked the trend, falling 0.62% to 2,419.32. MSCI's index of Asia-Pacific shares outside Japan rose 1.66%.

In the U.S., stocks fell Friday after a strong jobs report, but markets later focused on the possibility of smaller Fed rate hikes, and the major indexes closed slightly lower.