Home Business Hong Kong’s Hang Seng index climbs following two-day rout

Hong Kong’s Hang Seng index climbs following two-day rout

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SINGAPORE — Shares in Asia-Pacific were mixed in Wednesday morning trade, with stocks in Hong Kong paring some losses from a two-day rout.

In early trading on Wednesday, the Hang Seng index in Hong Kong jumped 1.4%. That followed a more than 8% decline over two days earlier this week triggered by regulatory fears over sectors such as technology and private education.

“After the volatility of the Financial Crisis subsided, there has only been one other period in 2011 where the Hang Seng experienced a two-day decline of more than 7.5%, and there hasn’t been a single two-day decline since the Financial Crisis that has exceeded the magnitude of the last two days,” analysts at Bespoke Investment Group wrote in a Tuesday note.

Mainland Chinese stocks, on the other hand, continued slipping: The Shanghai composite fell 0.39% while the Shenzhen component declined 0.465%.

In Japan, the Nikkei 225 declined 0.74% in morning trade while the Topix index slipped 0.5%. South Korea’s Kospi shed 0.19%.

The S&P/ASX 200 in Australia dipped 0.35%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.16% higher.

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Overnight stateside, the Dow Jones Industrial Average fell 85.79 points to 35,058.52 while the S&P 500 shed 0.47% to 4,401.46. The Nasdaq Composite dropped 1.21% to 14,660.58.


The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.471 following a recent drop from above 92.7.

The Japanese yen traded at 109.81 per dollar, stronger than levels above 110.4 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7365, above levels below $0.732 seen last week.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.52% to $74.87 per barrel. U.S. crude futures gained 0.68% to $72.14 per barrel.

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