Chinese tech stocks in Hong Kong have declined as investors have seen the cowardly situation

SINGAPORE – Shares of Asia-Pacific were mixed on Friday as Chinese technology stocks slipped and investors saw a cowardly situation in China.

Hong Kong’s Hang Seng index fell 0.24% in afternoon trade, while the Hang Seng tech index fell 1.83%. Alibaba is down 2.47%, while JD.com is down 3.35%. Meituan lost 2.70%.

Mainland Chinese markets were mixed. The Shanghai Composite rose 0.47% to close at 3,251.85, while the Shenzhen component fell 0.11% to 11,959.27.

Feeling we have ‘Run out of gas’ emotionally [for Chinese shares] A combination of macro headwinds, omicron spreads, global liquidity uncertainty and US / China tensions could be prevented.

Covid focusing on China, Shanghai reported 20,398 new asymptomatic coronavirus cases and 824 new symptomatic cases on April 7. The city is under strict lockdown to stop the spread of the virus.

“Near-term feeling [for Chinese shares] A combination of macro headwinds, omicron spreads, global liquidity uncertainty and US / China tensions could be prevented, ”Morgan Stanley notes in an April 7 note.

Bank analysts also noted that internal use in China is slow, and said that the spread of the virus outside Shanghai could lead to tougher measures elsewhere.

Japan’s Nikkei 225 rose 0.36% to 26,985.80, while Topix rose 0.21% to 1,896.79. Both indicators have struggled for direction.

In South Korea, the Kospi rose 0.17% to close at 2,700.39, and the Kosdaq rose 0.73% to 934.73.

The Australian S&P / ASX 200 rose 0.47% to 7,478.

Julia Wang, a global market strategist at JPMorgan Pvt.

“The Fed is clearly looking at inflation data [is] Some of their concerns, and I think it translates into a weaker risk appetite in Asia, “he told CNBC’s Street Sciences Asia on Friday.

Until that situation changes, inflation in the United States will weigh heavily on Asian market sentiment, he said.

Major U.S. stock indices reversed losses for a slight increase at the close.

The Dow Jones Industrial Average rose 87.06 points, or 0.25%, to 34,583.57 after losing 300 points at the start of the session. The S&P 500 rose 0.43% to 4,500.21 and the Nasdaq Composite rose 0.06% to 13,897.30 after two consecutive days of losses.

Defensive stocks such as consumer staples and healthcare have led to a return to the market.

“The Fed’s response yesterday morning dominated the market overnight,” wrote Taylor Nujant, an economist at the National Bank of Australia.

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