Asia report: Most markets rise, Chinese tech weaker on Didi news
Stock markets were mostly higher in Asia on Friday, with Chinese tech plays in focus in Hong Kong after ride-hailing giant Didi Chuxing announced plans to delist from the New York Stock Exchange.
In Japan, the Nikkei 225 was up 1% at 28,029.57, as the yen weakened 0.15% against the dollar to last trade at JPY 113.28.
It was a negative day for the benchmark’s major components, however, with automation specialist Fanuc down 0.41%, fashion firm Fast Retailing off 0.73%, and technology conglomerate SoftBank Group losing 0.71%.
SoftBank is the single largest shareholder in Didi, owning more than 20% of the ride-hailing and delivery provider.
The broader Topix index advanced 1.63% by the end of trading in Tokyo, closing at 1,957.86.
On the mainland, the Shanghai Composite rose 0.94% to 3,607.43, and the smaller, technology-heavy Shenzhen Composite managed gains of 0.71% to 2,526.38.
South Korea’s Kospi was 0.78% firmer at 2,968.33, while the Hang Seng Index was the region’s odd one out, slipping 0.09% to settle at 23,766.69.
Technology stocks dragged the broader market lower in the special administrative region, after Didi announced plans to delist from the NYSE and move its listing to Hong Kong.
The move came less than six months after its US IPO, and just a day after the Securities and Exchange Commission revealed its final plans to require more disclosure from US-listed foreign companies.
Alibaba was down 2.61% in Hong Kong, while internet company Meituan was off 2.66% and online conglomerate Tencent was 2.32% weaker.
The blue-chip technology stocks were also on the back foot in Seoul, with Samsung Electronics down 0.26% and SK Hynix dropping 1.67%.
“Asian markets were rather more subdued overnight, as the announcement that the ride-hailing company Didi would delist from New York reignited concerns on both the fractious relationship between the US and China, as well as the general spectre of tech regulation,” said Interactive Investor head of markets Richard Hunter.
Oil prices were higher as the region entered the weekend, with Brent crude last up 2.38% at $71.33 per barrel, and West Texas Intermediate rising 2.39% to $68.09.
In Australia, the S&P/ASX 200 was up 0.22% at 7,241.20, while across the Tasman Sea, New Zealand’s S&P/NZX 50 eked out gains of 0.05% to 12,676.50.
The down under dollars were both weaker against the greenback, with the Aussie last off 0.52% at AUD 1.4173, and the Kiwi retreating 0.61% to NZD 1.4758.