Asian stocks rose on Tuesday, major markets regionally closed for holidays

Stocks in Asia Pacific rose on Tuesday, with major markets regionally closed for holidays.Hong Kong’s Hang Seng index rose 1.08 percent to end its trading day at 23,868.66 after closing more than 4% lower on Monday.

The city’s government announced on Monday that Hong Kong’s economy contracted 8.9% in the first quarter as compared to a year ago — its largest decline on record since 1974.

Over in Australia, the S&P/ASX 200 rose 1.64% to close at 5,407.10, with shares of major banks such as Commonwealth Bank of Australia and Westpac all advancing. That came as the Reserve Bank of Australia announced Tuesday its decision to maintain policy.