Precise Investors

Friday, May 27, 2022
Stocks & Shares

Technology shares lead Asia-Pacific stocks higher

Hang Seng

Hang Seng index added nearly 0.2%, Shanghai composite gained 0.18% to 3,539.10, Nikkei 225 added 1.13% to 29,609.97, S&P/ASX 200 finished 0.83% higher at 7,443

Asia-Pacific shares gained on Friday as technology shares mostly rose, following overnight gains for their counterparts on Wall Street.

Hong Kong-listed shares of surged nearly 5% following the Singles Day online shopping event, while Alibaba declined 0.67%. Both companies set new sales records across their platforms on Singles Day.

Meanwhile, Hong Kong-listed shares of Chinese chipmaker Semiconductor Manufacturing International Corporation shed 4.47% after the firm said a top executive and multiple board members resigned. The Hang Seng Tech index added 1.35%.

Other technology stocks in the region rose, with shares of Japanese conglomerate SoftBank Group up 2.58% while South Korea’s LG Electronics soared 3.83%.

Those gains came after the tech-heavy Nasdaq Composite rose 0.52% overnight to 15,704.28.

The broader Asia-Pacific markets advanced on Friday.

Hong Kong’s Hang Seng index added nearly 0.2% as of its final hour of trading. Mainland Chinese stocks finished higher, with the Shanghai composite gaining 0.18% to 3,539.10, while the Shenzhen component rising marginally to 14,705.37.

Japan’s Nikkei 225 added 1.13% to end at 29,609.97 while the Topix index advanced 1.31% to 2,040.60. In South Korea, the Kospi jumped 1.5% on the day to 2,968.80.

Australian stocks also gained as the S&P/ASX 200 finished 0.83% higher at 7,443.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.46% higher.

In currency markets, the U.S. dollar index was at 95.198 following its jump earlier this week from below 94.4.

The Japanese yen traded at 114.21 per dollar, struggling to recover after weakening from below 113.5 against the greenback earlier in the week. The Australian dollar changed hands at $0.7293, still off levels above $0.738 seen earlier this week.


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