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Asian stocks rally amid thin trades, ASX slides on profit-taking

FXStreet (Mumbai) - Stocks on the Asian bourses extend their recent run of gains on Monday, making for a quiet start to a fresh week, as the Japanese and US markets remain closed today on account of their respective public holidays.

Also, renewed global optimism after the Wall Street and European markets closed on Friday with decent gains, provided the positive lead for the Asian indices.

China stocks lifted, Australia’s ASX bucks the trend

The Chinese stocks are rallying this session on the back of higher oil prices which continues to boost the energy stocks. Moreover, PBOC deputy governor’s comments that the country’s stock market correction is almost over, also added to the gains on the indices. However, the gains remain in check amid light trades. The benchmark index, the Shanghai Composite jumps over 2.5% to 3,264. While Hong Kong’s Hang Seng rallies 1% to 22,687.

Meanwhile, Australian stocks are ditching their Asian counterparts and remain on the losing end, mainly driven by a profit-taking slide after six straight sessions of gains. The S&P/ ASX index slides -0.75% to 5,240 points.

Japan markets and the US markets are closed in observance of Health-Sports Day and US Columbus Day respectively.

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