Monday , March 1 2021

Asia-Pacific stocks mixed as investors watched technology stocks; HSBC benefits ahead

SINGAPORE – Shares in Asia-Pacific mixed in trading on Tuesday as investors monitored technology stocks regionally after their counterparts declined overnight on Wall Street.

Shares in mainland China fell as the Shanghai composite traded below the flat line, while the Shenzhen component fell 0.388%. Hong Kong’s Hang Seng index gained 0.26%.

Kospi, South Korea, fell 0.43% in morning trading. In Australia, the S & P / ASX 200 rose 0.47%.

MSCI’s broader Asia-Pacific stock index outside of Japan traded little.

As for earnings, HSBC will have to report full-year results on Tuesday. Reuters reported on Monday, citing a source familiar with the matter, that HSBC will withdraw from US retail banking. Prior to this profit launch, HSBC shares in Hong Kong rose more than 2%.

Markets in Japan are closed on Tuesday for holidays.

Technology service compartments

Technology stocks in Asia fell in trading on Tuesday morning, with Alibaba’s Hong Kong-listed shares down 1.12%, Xiaomi down 2.07% and Kuaishou down 5.08% . LG Electronics of South Korea fell about 4%, while Samsung Electronics fell 0.61%.

The moves came after technology stocks fell overnight: the Nasdaq Composite fell 2.46% to close at 13,533.05, with Big Tech shares such as Apple, Amazon and Microsoft falling at least 2 %.

The S&P 500 fell 0.8% to end the trading day on Wall Street with 3,876.50. The Dow Jones Industrial Average outperformed the overall trend as it advanced 27.37 points to close at 31,521.69.

Oil prices are rising

Oil prices were higher in the morning of business hours in Asia, with international benchmark futures on Brent crude up 1.36%, to $ 66.13 per barrel. U.S. crude futures gained 1.26% to $ 62.48 a barrel.

The US dollar index, which tracks the greenback against a basket of its peers, stood at 89,985 as it fell below the 90 level.

The Japanese yen was trading at 104.95 per dollar, stronger than levels above 105.6 against the green dollar seen yesterday. The Australian dollar changed hands at $ 0.7931, largely holding gains after rising late last week by about $ 0.777.

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