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Asian markets advance on Monday

Relevance up to 09:00 2022-06-28 UTC–4

Asian indexes advanced on Monday, led by the Hang Seng Index which increased by 3.21%. The Shanghai Composite edged up by 0.88%, the Shenzhen Composite rose by 1.08%, the Nikkei 225 gained 1.44%, the KOSPI advanced by 1.84%, and the S&P/ASX 200 went up by 1.99%.

Stock indexes in the Asia-Pacific region followed US markets, which closed in positive territory on Friday and gained 2.7-3.3%. According to analysts, inflation in the US very likely peaked, and the Federal Reserve could possibly ease its monetary tightening or even decrease interest rates by the end of 2023 if inflation falls.

Asian indexes also found support in China easing quarantine restrictions. Major industries and educational institutions have already resumed work.

The Chinese central bank injected 100 billion yuan ($15 billion) into the economy in its biggest cash injection in recent months.

On the Hang Seng Index, the best performing stocks were Xiaomi, Corp. (9.7%), Sands China, Ltd. (7.7%), and Sunny Optical Technology Group, Co., Ltd. (7.5%).

On the Nikkei 225, the biggest gainers were Kawasaki Kisen Kaisha, Ltd. (9.5%), Tokyo Electric Power Co., Holdings Inc. (7.8%), and Nippon Yusen K.K. (5.3%).

Sony rose by 1.9%, while Fast Retailing slid down by 0.7%.

On the KOSPI, Hyundai Motor jumped by 6.4%. Shares of Samsung Electronics rose by 1.7%.

In Australia, BHP and Rio Tinto gained 3.1% and 2.2%, respectively.

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