Hong Kong shares rise 2% as Alibaba lifts technology stocks; Asia markets mostly rise
Publishing timestamp: 2023-03-29 04:07:04
Summary
Asia-Pacific markets were mostly higher on Wednesday, with Alibaba's Hong Kong-listed shares spiking after the company announced it will split into six business groups. In mainland China, the Shanghai Composite was down, while the Shenzhen Component rose. Australia's S&P/ASX 200 rose, but February's consumer price index was lower than expected. In Japan, the Nikkei 225 and Topix rose, while South Korea's Kospi and Kosdaq closed higher. Overnight in the US, all three major indexes fell, with tech-heavy Nasdaq Composite losing. Alibaba's major shakeup could be followed by its Chinese technology peers, according to KraneShares' CIO Brendan Ahern. The latest overhaul in business announced by technology giant Alibaba is seen as a move by the Chinese government to further support its private sector. Oil prices are seeing a boost because the situation is stabilizing after recent banking turmoil. Shares of Chinese tech giant Alibaba jumped 15% on Wednesday in early trade, mirroring moves in its US-listed shares overnight. Australia's monthly inflation pace for February came in at a slower pace than expected. Alibaba jumped more than 11% during midday trading Tuesday after the e-commerce giant said it will split its company into six business groups. Banks led the stock market lower Tuesday
Sentiment: MIXED
Tickers: 241-HK, 9888-HK, .IXIC, 3690-HK, .HSI, 1024-HK, 9618-HK, @CL.1, .DJI, .SSEC, .N225, @LCO.1, AUD=, .AXJO, 700-HK, .KS11, URTH, .DXY, .SZI, BABA, JPY=, .SPX,
Keywords: asia economy, japan, south korea, breaking news: asia, australian dollar/us dollar fx spot rate, shanghai, world markets, hang seng index, nikkei 225 index, australia, shenzhen component index, breaking news: markets, business news, markets, kospi index, dxy us dollar currency index, economic events, ice brent crude (apr'23), wti crude (mar'23), usd/jpy, alibaba group holding ltd, united states, s&p/asx 200,