Home Business Hong Kong’s Hang Seng index drops as Chinese tech shares fall

Hong Kong’s Hang Seng index drops as Chinese tech shares fall

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SINGAPORE — Shares in Asia-Pacific largely slipped in Monday morning trade as investors monitored Chinese tech stocks in Hong Kong.

Hong Kong-listed shares of Alibaba dropped 3.04% following a Financial Times report that Beijing wants to break up Ant Group’s Alipay and force the creation of a separate loans app.

Other Chinese tech stocks also declined, with Tencent falling 2.33% while Meituan slipped 3.39%. The Hang Seng Tech index dropped 1.74%.

Hong Kong’s broader Hang Seng index dropped 1.5%. Mainland Chinese stocks edged higher, with the Shanghai composite shedding 0.15% while the Shenzhen component declined 0.156%.

In Japan, the Nikkei 225 edged 0.25% lower while the Topix index shed 0.16%.

Shares of automakers Toyota and Honda fell 2.37% and 1.84% respectively. The two firms criticized a U.S. House electric vehicle tax plan that would benefit Detroit’s Big Three automakers, according to a Reuters report.

South Korea’s Kospi dipped 0.22%.

The S&P/ASX 200 in Australia edged 0.14% higher.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.74% lower.

Stock picks and investing trends from CNBC Pro:

Looking ahead for the week, the U.S. consumer price index for August is set to be out on Tuesday, while retail sales figures stateside are expected Thursday. A slew of Chinese economic data, including retail sales and industrial production for August, is also set to be out on Thursday.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.665 after a recent decline from above 92.7.

The Japanese yen traded at 109.95 per dollar, stronger than levels around 110.4 seen against the greenback last week. The Australian dollar changed hands at $0.7358 following its slide last week from above $0.744.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.7% to $73.43 per barrel. U.S. crude futures advanced 0.76% to $70.25 per barrel.


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