Asia report: Tech stocks rise again in Hong Kong
Stocks were mostly higher in Asia on Monday, with Chinese technology plays again in focus as they rose in Hong Kong.
In Japan, the Nikkei 225 was up 0.25% at 27,736.47, as the yen weakened 0.05% against the dollar to last trade at JPY 122.58.
Fashion firm Fast Retailing was down 1.64%, while among the benchmark’s other major components, automation specialist Fanuc was up 1.13% and technology conglomerate SoftBank Group jumped 3.71%.
The broader Topix index was 0.48% firmer by the end of trading in Tokyo, settling at 1,953.63.
On the mainland, traders enjoyed the first of two days off for the Qingming Festival public holiday in China.
South Korea’s Kospi was ahead 0.66% at 2,757.90, while the Hang Seng Index in Hong Kong jumped 2.1% to 22,502.31.
Chinese tech companies lifted the wider market in the special administrative region, with Alibaba Group up 3.65%, Meituan surging 7.4%, NetEase jumping 6.62%, and Tencent Holdings adding 2.96%.
The Hang Seng Tech Index was 5.43% higher at the end of the day, with sentiment in the sector underpinned by signals from Beijing that authorities were moving towards resolving the dispute with Washington over the audit of US-listed offshore companies.
On the political front in Hong Kong, the city’s chief executive Carrie Lam - who has overseen the tightening of its political and legal ties with mainland China, and a series of violent ensuing protests - confirmed she would not seek a second term in the post.
The chief executive is chosen by the 1,500 members of the city’s Election Committee, which was expanded from 1,200 members in a series of electoral reforms last year.
Seoul’s blue-chip technology stocks were on the front foot, with Samsung Electronics up 0.29% and SK Hynix rising 0.86%.
Oil prices were falling at the end of the Asian day, with Brent crude futures last down 0.98% on ICE at $103.37 per barrel, and the NYMEX quote for West Texas Intermediate 0.73% lower at $98.55.
Prices for the thick black stuff began trending south after US president Joe Biden announced the release of one million barrels per day for six months from the American strategic reserves last week.
At the time, Biden said he expected Washington’s allies to join the effort as they could, with Westminster confirming over the weekend that the UK would also be making strategic releases in a bid to stabilise markets and prices.
In Australia, the S&P/ASX 200 managed gains of 0.27% to 7,513.70, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was the region’s odd one out, closing down 0.3% to 12,053.19.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.19% at AUD 1.3306, and the Kiwi advancing 0.03% to NZD 1.4434.