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Asian Stocks Mixed, Chinese Tech Stocks Jump

Asia-Pacific stocks were mixed at the close on Wednesday, as optimism continued to drive U.S. stocks, with the S&P 500 and Nasdaq reaching record highs overnight. Meanwhile, India’s benchmark index hit a record high.

Hong Kong’s Hang Seng index slipped 0.13% to close at 25,693.95 after jumping earlier.

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Hang Seng Index Performance Chart
Chinese tech stocks listed in Hong Kong pared morning gains, losing steam by the close after rallying Tuesday. Tencent shares rose 0.55% after jumping 3% earlier. Food delivery giant Meituan was up 2.34%, popped 5%, while Alibaba lost over 1%, reversing morning gains.

The Shanghai Composite jumped 0.74% to 3,540.38, and the Shenzhen component rose 0.23% to close at 14,697.50.

On Tuesday, the country’s cybersecurity regulator said Chinese companies that wish to go public — including those planning to list overseas — must comply with two main aspects of a wider set of regulations. This summer, those remarks come as policy uncertainty has essentially halted Chinese listings in the U.S. after a surge in overseas offerings earlier this year.

India’s Sensex index hit a record high of around 56,118 earlier in the morning, according to Refinitiv Eikon data. It has since dropped slightly from that level but was still trading up about 0.16%.

Elsewhere, the Nikkei 225 in Japan traded nearly flat to close at 27,724.80, while the Topix rose marginally to 1,935.66. Over in South Korea, the Kospi rose 0.27% to 3,146.81. While in Australia, the S&P/ASX 200 was up 0.39% to close at 7,531.90.

Iron ore prices soared, giving mining stocks a boost. They shot up almost 9% on Tuesday, according to Vivek Dhar, commodities analyst at Commonwealth Bank of Australia.

Mining stocks in Australia ended the day higher. Rio Tinto jumped 2.6%, and Fortescue Metals was up 2.63%. BHP rose 1.25%.

Meanwhile, Covid fears continue to dominate Asia as Sydney’s cases hit a new daily record on Wednesday, putting parts of the health system under “severe pressure,” officials said.

Asian Markets Oil and Currencies

Following a 3% jump on Tuesday as vaccine optimism also lifted commodities, oil prices were little changed in the afternoon during Asia hours. International benchmark Brent crude futures traded just above the flatline to $71.09 per barrel. U.S. crude futures edged down 0.1% to $67.47.

The U.S. dollar index, which tracks the greenback against a basket of its peers, rose to 93.023, from levels above 92 earlier in the session.

The Japanese yen traded at 109.80 per dollar, weaker than levels above 109.6, seen yesterday. The Australian dollar changed hands at $0.7241, a touch higher than levels above $0.722 yesterday.

Read also; Asian Markets Gain Following Pfizer/BioNTech’s Covid-19 vaccine FDA Approval.

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