China market leads gains in Asia as it extends 8-month highs

After the country laid out measures to boost its property market on Friday, China held its one- and five-year loan prime rates unchanged at 3.45 percent and 3.95 percent, respectively. The five-year LPR is the reference rate for housing mortgages.

Hong Kong’s Hang Seng index rose 0.18 percent after the announcement, while the mainland Chinese CSI300 gained 0.35 percent to end at 3,690.96, rising for a third straight day.

Investors await Japan's trade, inflation and business activity data later this week, while Singapore will release its April inflation data and final figures for its first-quarter gross domestic product.

Japan’s Nikkei 225 climbed 0.73 percent to end at 39,069.68, its highest level in over a month and the first time the index crossed the 39,000 mark since April 15.

The broad-based Topix gained 0.82 percent to end at 2,768.04. Both indexes pared gains from earlier in the session.

South Korea’s Kospi rose 0.64 percent to close at 2,742.14, but the small-cap Kosdaq fell 1.02 percent to its lowest in almost a month. The country’s central bank will release its rate decision on Thursday.

Investors will also keep an eye on Taiwan as Lai Ching-te takes over formally as the island’s new president, with the Taiwan Weighted Index up marginally at 21,271.63.

The Australian S&P/ASX 200 advanced 0.63 percent to finish at 7,863.7.
 

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