APAC markets a mixed bag; HK tech sell-off continues

Summary

  • Tech shares in Hong Kong continue to get hammered.
  • The ASX200 has touched yet another life-high level.
  • Broader sentiment across the region was negative.

The equity markets in Asia Pacific region traded mixed on Tuesday, as tech shares in Hong Kong continued to be under pressure from investors.

On Tuesday morning, shares of Chinese tech giant Tencent – which faced regulatory action by the Chinese anti-trust regulator over the weekend – tanked 3.18%. On the other hand, the share price of ecommerce major Alibaba dropped 2.92% and Meituan crashed by 5.77%. The Hang Seng Tech index slipped 1.98%. In the broader market, Hong Kong’s Hang Seng Index also slipped 0.65%, on the back of more than 4% plunge yesterday.

In Mainland China as well, most of the indices were trading in the red, except for Shanghai Composite, which was trading up 0.14%. The Shenzhen Component was trading down 0.47%, while FTSE’s China A50 was down 0.57%.

                     

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Elsewhere, in Japan, the benchmark Nikkei 225 was up 0.49% -- consolidating the gains made yesterday – while the Topix index advanced 0.44%. In neighbouring South Korea, the KOSPI was trading 0.62% higher.

Down Under, in Australia, the ASX200 climbed 0.59% to touch 7,438.10 points – yet another life-high in two consecutive days. The rally in Australian markets was buoyed by the rally in shares of the Australian mining companiees – with BHP, Rio Tinto, Mineral Resources, and BlueScope Steel all setting new highs.

However, the broader sentiment across the region was negative. Morgan Stanley Capital International’s broadest index of Asia-Pacific shares outside Japan traded 1.27% lower.

In the US, all three major indices touched new record highs overnight. The S&P 500 gained 0.24% to 4,422.30 while the Dow Jones Industrial Average edged 82.76 points higher to 35,144.31. The Nasdaq Composite was fractionally higher at 14,840.71.

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