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Asia-Pacific shares rise as tech in focus

Asia shares

In Southeast Asia, Singapore’s economy expanded by 1.3% year-on-year in the first quarter, according to data from the Ministry of Trade and Industry

Shares in Asia-Pacific rose on Tuesday, as investors watched tech shares following overnight gains in the sector in the US.

Mainland Chinese stocks led gains regionally, with the Shanghai composite gaining 2.4% on the day to 3,581.34 while the Shenzhen component added 2.343% to 14,846.45. In Hong Kong, the Hang Seng index climbed nearly 1.8%, as of its final hour of trading.

Taiwan’s Taiex also saw robust gains, gaining 1.58% to close at 16,595.67.

In Japan, the Nikkei 225 advanced 0.67% to end at 28,553.98 while the Topix index also gained 0.34% to close the trading day at 1,919.52. South Korea’s Kospi jumped 0.86% to end at 3,171.32.

The S&P/ASX 200 in Australia finished 0.98% higher at 7,115.20.

In Southeast Asia, Singapore’s economy expanded by 1.3% year-on-year in the first quarter, data from the Ministry of Trade and Industry released Tuesday showed. The ministry also announced it would maintain Singapore’s GDP growth forecast for 2021 at 4.0 to 6.0 per cent. In Tuesday afternoon trade, the Straits Times index in Singapore advanced 0.57%.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.52%.

Technology stocks in Asia-Pacific were in focus on Tuesday.

That included China’s Kuaishou Technology, whose Hong Kong-listed shares slumped more than 11% in Tuesday afternoon trade despite announcing Monday a 36.6% jump in its Q1 revenues compared to the same period of 2020.

Meanwhile, Chinese smartphone maker Xiaomi saw its Hong Kong-listed stock soar 3.94% after FTSE Russell announced Monday that the firm will be reincluded into its indexes. Earlier in May, the U.S. agreed to remove Xiaomi from a blacklist that would have barred Americans from investing in the firm.

Hong Kong-listed shares of other Chinese tech firms were largely positive, with Tencent gaining 4.44% while Alibaba edged up 0.78%.

Elsewhere, shares of Japanese conglomerate SoftBank Group added 0.54% while South Korean chipmaker SK Hynix saw its stock climb 2.93%.

Those moves came following a bounce for tech stocks in the US. Overnight on Wall Street, Alphabet — the parent of Google, Facebook and Microsoft all rose more than 2%.

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