SINGAPORE – Stocks in China led to gains in Asia Pacific during Wednesday’s trading as Chinese technology stocks traded in the city jumped.
Due to the market closure in mainland China, the Shanghai Composite gained 0.6% to 3,416.72, while the Shenzhen component gained 1.55% to 13,728.
Hong Kong’s Hang Seng Index was also strong, as it rose 1.2% from the last hour of trading.
Hong Kong-listed Chinese technology company stocks rebounded on Wednesday after 12 companies including Baidu, JD.com and Meituan signaled compliance with antitrust laws.
On Wednesday afternoon, Hong Kong Baidu shares rose 3.31%, while JD.com rose 2.68% and Meituan rose 3.7%.
This development came just a day after Beijing gave platform companies a month to review their actions and correct anti-competitive practices. Most Chinese tech giants’ stocks in Hong Kong fell Tuesday on those regulatory fears.
Elsewhere, the Nikkei 225 in Japan fell 0.44% on the day to 29,620.99 while the Topix index fell 0.33% to 1,952.18. South Korea’s Kospi rose 0.42% to close at 3,182.38.
In Australia, the S & P / ASX 200 rose 0.66% to end its trading day at 7,023.10.
In Southeast Asia, the Singapore Straits Times index was down about 0.2% in afternoon trading. It did so despite data showing the country’s economy unexpectedly grew 0.2% year over year in the first quarter of 2021. This comes from official forecasts released on Wednesday.
The broadest MSCI index for stocks in Asia Pacific rose 0.91%.
Investors watched the market’s reaction to an announcement by the U.S. Food and Drug Administration Tuesday that states would temporarily stop using Johnson & Johnson’s Covid-19 vaccine after six women in the country developed a rare bleeding disorder . To date, more than 6.8 million doses of the J&J vaccine have been given in the United States.
Meanwhile, Moderna announced on Tuesday that its Covid-19 vaccine was more than 90% effective against Covid and more than 95% effective against serious illness for up to six months after the second dose.
More than 137 million cases of Covid infection have been recorded worldwide, and the death toll from the disease has surpassed 2.9 million, according to Johns Hopkins University.
On Wall Street overnight, the S&P 500 posted a fresh closing high as it rose 0.33% to 4,141.59 while the Nasdaq Composite rose 1.05% to end its trading day at 13,996.10. The Dow Jones Industrial Average lagged as it lost 68.13 points to close at 33,677.27.
Oil prices are rising
Oil prices rose during the afternoon session in Asia and the international benchmark’s Brent crude oil futures rose 1.3% to $ 64.50 a barrel. US crude oil futures also rose 1.36% to $ 61 a barrel.
The US dollar index, which tracks the greenback versus a basket of its peers, stood at 91.702 after hitting an earlier low of 91.727.
The Japanese yen was trading at 108.92 per dollar, stronger than above 109.5 against the greenback seen yesterday. The Australian dollar changed hands at $ 0.7678, above the $ 0.762 level seen earlier this week.