Asia report: Chinese tech shares lead gains across region
Most markets ended the day higher in Asia on Thursday, with Chinese stocks leading the gains, as oil prices were in the red for the second day running.
In Japan, the Nikkei 225 was up 0.08% at 26,171.25, as the yen strengthened 0.72% on the dollar to last trade at JPY 135.28.
Robotics specialist Fanuc rose 0.14%, Uniqlo owner Fast Retailing added 1.87%, and tech investing giant SoftBank Group advanced 1.55% on the benchmark index.
The broader Topix index slipped 0.05% by the end of trading in Tokyo, settling at 1,851.74.
On the mainland, the Shanghai Composite was ahead 1.62% at 3,320.15, and the technology-centric Shenzhen Component was 2.19% firmer at 12,514.73.
South Korea’s Kospi lost 1.22% to 2,314.32, while the Hang Seng Index in Hong Kong ahead 1.26% at 21,273.87.
Chinese electric car maker Xpeng rocketed 9.77% in the special administrative region, with technology plays generally in the green as well.
Alibaba Group was up 6.4%, JD.com added 1.16%, Meituan eked out gains of 0.52%, NetEase was 2.3% firmer, and Tencent Holdings rose 1.35%.
It was a different story for Seoul’s blue-chip technology stocks, however, with Samsung Electronics down 0.35% and SK Hynix losing 2.17%.
“Asian markets endured a mixed performance on the general global outlook, although some strength was seen in Chinese technology companies following the approval of a plan for more development in the fintech sector,” said Interactive Investor head of markets Richard Hunter.
“Despite China’s struggles in coping with the latest round of Covid-19 concerns which has resulted in lockdowns in key areas, the authorities have reiterated their stance to intervene with monetary stimulus if necessary, contrary to the tightening being seen elsewhere.”
Oil prices continued to weaken as the region went to bed, with Brent crude futures last down 0.64% at $111.02 on ICE, and West Texas Intermediate losing 0.64% to $105.51 on NYMEX.
In Australia, the S&P/ASX 200 managed gains of 0.31% to 6,528.40, while across the Tasman Sea, New Zealand’s S&P/NZX 50 added 1.27% to 10,813.92.
The down under dollars were both weaker against the greenback, with the Aussie last off 0.44% at AUD 1.4501, and the Kiwi retreating 0.4% to NZD 1.5967.
Reporting by Josh White at Sharecast.com.
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