Home World Chinese tech, regional energy stocks surge; Asia-Pacific markets slip

Chinese tech, regional energy stocks surge; Asia-Pacific markets slip

by Asia Insider

SINGAPORE — Markets across Asia-Pacific traded mixed on Wednesday, as developments turned the focus on Chinese tech giants and regional energy stocks.

Shares of Chinese tech giants Tencent and Alibaba were monitored by investors on Wednesday after U.S. President Donald Trump signed an executive order banning transactions with eight Chinese software applications. That included WeChat Pay and Ant Group’s Alipay. The order is only set to go into effect after Trump leaves office.

By Wednesday afternoon in Hong Kong, shares of Tencent and Alibaba gained 1.8% and 2.69%, respectively. E-commerce giant JD.com also soared 6.38% while Meituan advanced 4.72%.

Regional energy stocks also advanced in Wednesday trade after Saudi Arabia agreed to voluntary production cuts in February and March. In Australia, Beach Energy rose 1.39% and Santos gained 1.58%. Japan’s Inpex also jumped 5.81% and S-Oil in South Korea advanced about 3.5%. Hong Kong-listed shares of CNOOC rose 3.4%.

Oil prices were mixed in the afternoon of Asia trading hours, following robust gains seen Tuesday. International benchmark Brent crude futures gained 0.28% to $53.75 per barrel. U.S. crude futures dipped fractionally to $49.89 per barrel.

Asia-Pacific markets slip

The broader Asia-Pacific markets largely slipped.

Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.17% while the Shenzhen component shed 0.746%. Hong Kong’s Hang Seng index dipped 0.87%.

A private survey showed services sector activity in China expanding at a slower pace in December, with the Caixin/Markit services Purchasing Managers’ Index coming in at 56.3. That compared against November’s reading of 57.8.

The 50 level in PMI readings separates expansion from contraction.

In Japan, the Nikkei 225 declined 0.57% while the Topix index traded slightly higher. South Korea’s Kospi shed 0.44%.

Stocks in Australia slipped, with the S&P/ASX 200 down 1.22%.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.35%.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.581 as it continues to languish below the 90 level.

The Japanese yen traded at 102.79 per dollar after strengthening yesterday from levels above 102.9 against the greenback. The Australian dollar changed hands at $0.7751 following a rise from levels below $0.768 yesterday.

Source: CNBC

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