Asian markets

Asian Markets Mixed, China Tech Shares Fall

Shares in Asia-Pacific were mixed on Friday as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced.

By the Friday market close in Hong Kong, shares of Chinese tech firms listed in the city tumbled. Kuaishou plunged 10.75% while Tencent slipped 2.39% and Meituan dropped 2.36%. The broader Hang Seng Tech index declined 2.96%.

Hong Kong’s Hang Seng index fell 1.45% to 27,321.98.

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Hang Seng Index Performance Chart

Bloomberg News reported that Beijing is considering harsh penalties on ride-hailing giant Didi. The penalties being planned range from a fine likely bigger than the record $2.8 billion Alibaba paid earlier this year to even a forced delisting after Didi’s IPO last month.

Shares of Didi stateside plunged more than 11% on Thursday. Earlier in July, the firm was forced to stop signing up new users and also had its app removed from Chinese app stores due to alleged collection and use of personal data.

That development came as Beijing continues its months-long crackdown on China’s tech behemoths, targeting issues from anti-trust to data regulation.

The broader Asia-Pacific markets were mixed on Friday. In mainland China, the Shanghai composite fell 0.68% on the day to 3,550.40 while the Shenzhen component shed 1.531% to finish the trading day at 15,028.57.

South Korea’s Kospi closed 0.13% higher at 3,254.42. In Australia, the S&P/ASX 200 ended the trading day 0.11% higher at 7,394.40.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.68%.

Asian Markets Currencies and Oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.858 — off levels above 93 seen earlier in the week.

The Japanese yen traded at 110.40 per dollar, weaker than levels below 109.6 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7368, above levels below $0.732 seen earlier in the trading week.

Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures falling 0.28% to $73.58 per barrel. U.S. crude futures slipped 0.33% to $71.67 per barrel.

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