BANGKOK, Thailand—Most Asian markets rose in post-holiday trade, with analysts in China saying growing confidence in the economy there and official support for share values had boosted sentiment.
The benchmark Shanghai Composite Index gained 1.8 percent to 3,761.0, and benchmark indices also rose in Australia, Indonesia, Malaysia, New Zealand, the Philippines and Singapore.
Meanwhile, Hong Kong's Hang Seng Index fell 0.2 percent to 26,184.0 as profit-taking offset gains by property developers.
Trade on Asia's largest bourse in Tokyo was closed and doesn't restart until Wednesday.
In China, "worries over first-quarter earnings reports have dissipated and the number of newly opened individual investor accounts has increased," said Zhang Xiuqi, an analyst at Guotai & Junan Securities in Shanghai.
"It looks like market sentiment is recovering," he said.
Comments by officials suggesting that inflation may have moderated have also eased worries over potential credit tightening, pushing up blue chips such as property developer China Vanke, which rose 3.2 percent.
China's benchmark pricing index rose 8.7 percent in February but fell back 8.3 percent in March. State media have quoted officials saying that inflation may have dropped a bit further in April.
Also Monday, airlines and refiners advanced following the recent moderation in global crude oil prices.
China Eastern Airlines rose the 10 percent maximum limit, while flag carrier Air China rose 1.5 percent.
Major refiner China Petroleum & Chemical Corp. rose 4.9 percent. Shanghai market heavyweight PetroChina rose 0.6 percent.
Analysts in Hong Kong said despite the Hang Seng's consolidation Monday, the local market's upward trend remains strong.
Property companies rose, still benefiting from the low interest rate environment, traders said.
Local developer Sun Hung Kai Properties gained 1.3 percent, New World Development rose 1.2 percent and Cheung Kong advanced 1.7 percent.
Peter Lai, a sales director at DBS Vickers Securities Ltd., said the gains by local developers may not be sustainable.
Interest rates "may turn upward if upcoming U.S. economic data prove to be benign," he said. U.S. interest rates may rise as early as the third quarter this year, he said.
Hong Kong interest rates usually follow the lead of the U.S. central bank because of the local currency's link to the greenback, and property developers in the territory have benefited from the prospect of greater sales from the recent round of cuts from the Fed.
Expectations of a pause in China's reserve ratio hikes, together with buoyant equities markets in Shanghai and Shenzhen, also pushed up Chinese financial companies listed in Hong Kong.
Bank of Communications rose 0.4 percent, while China Life, the nation's largest life insurer by assets, gained 0.6 percent.
Chinese department store operator Maoye made a lackluster trading debut on continued poor reception toward new listings. It fell 2 percent below its initial offering price of HK$3.10 to end at HK$3.04.
Among the big losers in Hong Kong were Alibaba, down 5.9 percent, and Forte, down 5.6 percent.
Outside of Hong Kong, major indices fell in India and Taiwan. Financial markets were also closed in South Korea and Thailand.
