Precise Investors

Stocks & Shares

Hong Kong stock market jumps 2%

Hang Seng index

Hang Seng index rose 2.15%, with shares of Chinese tech firms jumping

Asia-Pacific shares advanced in Tuesday trade, after the Nasdaq Composite closed at a record high, after the U.S. Food and Drug Administration’s (FDA) full approval of Pfizer and BioNTech’s Covid-19 vaccine.

Hong Kong’s Hang Seng index rose 2.15% during its final hour of trading, with shares of Chinese tech firms listed in the city jumping: Tencent added 7.84% while Meituan surged more than 12% and Alibaba gained 8.09%. The Hang Seng Tech index added 6.5%.

Meanwhile, automaker BYD’s semiconductor business was among 40 IPOs which were suspended as China’s bourses investigate intermediaries in those deals. Still, shares of BYD in Hong Kong were rose more than 1% in Tuesday afternoon trade.

Mainland Chinese stocks ended higher as the Shanghai composite added 1.07% to 3,514.47 while the Shenzhen component gained 0.878% to 14,663.55.

Reuters reported that the U.S. Securities and Exchange Commission (SEC) has began issuing new disclosure requirements to Chinese firms looking to list in New York, as part of a push to raise investor awareness of the risks involved.

The Nikkei 225 in Japan advanced 0.87% to end at 27,732.10, as shares of conglomerate Softbank Group soared nearly 2%. The Topix index gained 1% to close the trading day at 1,934.20. South Korea’s Kospi climbed 1.56% to end at 3,138.30.

In Australia, the S&P/ASX 200 rose 0.17% on the day to 7,503.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 1.65%.

Overnight on Wall Street, the Nasdaq Composite climbed 1.55% to 14,942.65 — a record closing high. The S&P 500 gained 0.85% to 4,479.53 while the Dow Jones Industrial Average (DJIA) added 215.63 points to 35,335.71.

Those gains came as Pfizer and BioNTech’s Covid-19 vaccine became the first in the U.S. to be granted full approval by the FDA, paving the way for more vaccine mandates.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Precise Investors. The information provided on Precise Investors is intended for informational purposes only. Precise Investors is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

Leave a Reply