Hong Kong’s Hang Seng index rises nearly 3% in mixed Asia-Pacific trading
Asia-Pacific stocks were mixed on Monday.
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Shares in Asia-Pacific were mixed on Monday, with Chinese stocks leading to gains regionally as tech stocks in Hong Kong surged.
Hong Kong’s broader Hang Seng index closed 2.71% higher at 21,653.90.
Shares of Chinese tech firms in Hong Kong surged following a Wall Street Journal report that regulators in China are concluding probes on ride-hailing firm Didi and two other U.S.-listed tech companies. Regulators are now planning to lift a ban on the firms, adding new users on their platforms, and permitting their apps back on domestic app stores, said the report.
Shares of Alibaba in Hong Kong gained 5.04% while Meituan jumped 9.93% and Baidu climbed 5.18%. The Hang Seng Tech index gained 4.64% to 4,601.95.
In mainland China, the Shanghai Composite closed 1.28% higher at 3,236.37 while the Shenzhen Component surged 2.664% to 11,938.12.
China’s Caixin Services Purchasing Managers’ Index released Monday came in at 41.4, finer than April’s reading of 36.2 but still in contraction territory.
The release comes on the back of last week’s official non-manufacturing PMI print of 47.8 for May, an enhancement over April’s reading of 41.9 but still below the 50 mark that differenciates expansion from contraction.