Hong Kong’s Hang Seng index is down nearly 2% as Chinese technology stocks fall
Hong Kong’s Hang Seng index is down nearly 2% as Chinese technology stocks fall

Hong Kong’s Hang Seng index is down nearly 2% as Chinese technology stocks fall

SINGAPORE – Shares in the Asia-Pacific region were mixed in trading on Tuesday as investors looked for market reactions at China’s central bank announcing financial support for covid-affected sectors.

Hong Kongs Hang Bed Index led losses among the region’s largest markets as it fell around 1.8%, returning to trading after holidays on Friday and Monday.

Chinese technology stocks in the city fell after Chinese authorities on Friday announced a ban on live streaming of unauthorized video games. In Tuesday morning trading, stocks were on Bilibili fell 9.81% while NetEase fall 2.39 pct. Tencent also fell 2.51% and Alibaba fell 3.3 per cent. The Hang Seng Tech Index traded 2.83% lower.

The Hong Kong market is expected to remain volatile as earnings “continue to face downward pressure,” Bank of America Securities’ Winnie Wu told CNBC’s “Street Signs Asia” on Tuesday.

Hong Kong’s economy is also closely linked to mainland China, said Wu, China’s equities strategist at the firm.

“We are very concerned about China’s economy under this zero-covid policy,” she said. The Chinese mainland has been battling its worst Covid outbreak for weeks since the initial phase of the 2020 pandemic.

Stock options and investment trends from CNBC Pro:

Chinese mainland stocks were mixed in Tuesday’s trading, with Shanghai composite 0.12% higher while Shenzhen component fell 0.173 per cent.

On Monday, the People’s Bank of China announced that it will increase financial support for industries, businesses and people affected by Covid-19.

The announcement came after China reported mixed economic datawhere retail sales in March fell below expectations, while GDP in the first quarter was higher than expected.

Other places are Nikkei 225 in Japan it rose 0.59% while the Topix index rose 0.7%. South Korea Kospi rose 0.92 pct.

In Australia is S & P / ASX 200 rose 0.48 pct.

MSCI’s broadest index of Asia-Pacific equities outside Japan traded 0.15% lower.

Shares on Wall Street fell overnight in the state. The Dow Jones Industrial Average fell 39.54 points, or 0.11%, to 34,411.69, while the S&P 500 was slightly changed to 4,391.69. The Nasdaq Composite fell 0.14% to 13,332.36.

Currencies and oil

That US dollar indexwhich follows the dollar against a basket of its peers, was at 100,948 as it continues to climb after its jump from below 100 last week.

That Japanese yen traded at 127.91 per dollar, weaker compared to levels below 125.6 against the dollar last week. That Australian dollars was at $ 0.7366 and struggled to recover after falling from over $ 0.745 in the previous trading week.

Oil prices were higher in the morning during opening hours in Asia with international benchmark Burnt raw futures up 0.54% to $ 113.77 per barrel. US crude futures rose 0.3% to $ 108.54 per share. barrel.

Leave a Reply

Your email address will not be published.