Shares gain in Asia after China relaxes more COVID rules

BANGKOK (AP) — Shares advanced Tuesday in Asia after China announced it would relax more of its pandemic restrictions despite widespread outbreaks of COVID-19 that are straining its medical systems and disrupting business.

China's National Health Commission said Monday that passengers arriving from abroad will no longer have to observe a quarantine, starting Jan. 8. They will still need a negative virus test within 48 hours of their departure and to wear masks on their flights.

But it was the latest step toward dropping once-strict virus-control measures that have severely limited travel to and from the world's No. 2 economy.

China has joined other countries in treating cases instead of trying to stamp out infections, dropping or easing rules on testing, quarantines and movement as it tries to reverse an economic slump. But the shift has flooded hospitals with feverish, wheezing patients, and authorities are going door to door and paying people older than 60 to get vaccinated against COVID-19.

The Shanghai Composite index jumped 0.8% to 3,089.39. Hong Kong's markets were closed for a holiday, as were those in Australia.

Tokyo's Nikkei 225 added 0.3% to 26,476.27 and the Kospi in Seoul also gained 0.3%, to 2,323.52.

In Bangkok, the SET index rose 0.6%, while the Sensex in Mumbai surged 1.2%.

Markets in the U.S. and Europe were closed Monday for holidays and Asian markets were mostly higher.

On Friday, the S&P 500 closed 0.6% higher. It is down 19.3% for the year, just on the cusp of a bear market.

The Dow Jones Industrial Average rose 0.5%, while the tech-heavy Nasdaq edged 0.2% higher. The Russell 2000 index picked up 0.4%.

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