Mainland Chinese markets jump more than 1% as Asia stocks rise; investors watch regional tech shares

SINGAPORE — Shares in Asia-Pacific rose in Tuesday afternoon trade, as investors watched tech shares following overnight gains in the sector stateside.

Mainland Chinese stocks were among the biggest gainers regionally, with the Shanghai composite rising 1.6% by the afternoon while the Shenzhen component advanced 1.528%. In Hong Kong, the Hang Seng index jumped 1.26%.

Taiwan’s Taiex also saw robust gains, rising 1.39% in morning trade.

In Japan, the Nikkei 225 rose 0.48% while the Topix index also advanced 0.15%. South Korea’s Kospi climbed 0.58%.

The S&P/ASX 200 in Australia was 0.64% higher.

In Southeast Asia, Singapore’s economy expanded by 1.3% year-on-year in the first quarter, data from the Ministry of Trade and Industry released Tuesday showed. The ministry also announced it would maintain Singapore’s GDP growth forecast for 2021 at “4.0 to 6.0 per cent.” By Tuesday afternoon in the country, the Straits Times index in Singapore gained 0.5%.

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 1.19%.

Tech stock watch

Technology stocks in Asia-Pacific were in focus on Tuesday.

That included China’s Kuaishou Technology, whose Hong Kong-listed shares plunged more than 10% by Tuesday afternoon in the city despite announcing Monday a 36.6% jump in its first-quarter revenues compared to the same period of 2020.

Meanwhile, Chinese smartphone maker Xiaomi saw its Hong Kong-listed stock surge 4.88% after FTSE Russell announced Monday that the firm will be reincluded into its indexes. Earlier in May, the U.S. agreed to remove Xiaomi from a blacklist that would have barred Americans from investing in the firm.

Hong Kong-listed shares of other Chinese tech firms were largely positive, with Tencent rising 4.1% while Alibaba edged 0.2% higher.

Elsewhere in Tuesday afternoon trade, shares of Japanese conglomerate SoftBank Group gained about 1% while South Korean chipmaker SK Hynix saw its stock jump more than 1.5%.

Those moves came following a bounce for tech stocks stateside. Overnight on Wall Street, Alphabet — the parent of Google, Facebook and Microsoft all rose more than 2%.

Overnight on Wall Street, the Dow Jones Industrial Average jumped 186.14 points to 34,993.98 while the S&P 500 rose 0.99% to 4,197.05. The Nasdaq Composite surged 1.41% to 13,661.17.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.738 — lower than levels above 90 seen recently.

The Japanese yen traded at 108.74 per dollar, stronger than levels around 108.9 against the greenback seen yesterday. The Australian dollar changed hands at $0.7756, following a bounce yesterday from around $0.772.

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 0.63% at $68.89 per barrel. U.S. crude futures gained 0.42% to $66.33 per barrel.


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