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Hong Kong market leads gains, Aussie shares scale new record high

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Hong Kong Stock Exchange logo
Hong Kong Stock Exchange logo – Photo: Shutterstock

Hong Kong’s Hang Seng index rose over 1% to lead gains in Asia-Pacific on Wednesday as automobile and technology stocks emerged as top boosts to the benchmark index.

Electric vehicle maker BYD and Volvo’s sister company Geely Automobile Holdings were among the top percentage gainers on the index, rising 5.4% and 7.3%, respectively.

Tencent shares gained 4% to snap its three-day losing streak today morning. The video game-to-music firm sank over 6% in the previous session after a state-affiliated news agency called for stricter control on time spent by young students on video games.

Tencent responds

Tencent responded by saying it would introduce new measures to reduce time spent on its 'Honor of Kings' game and will prohibit players under the age of 12 from spending money in the game, according to a statement posted on the company's official WeChat account seen by Reuters.

Hong Kong-listed shares of Alibaba Group inched higher on Wednesday even as the company reported below-expectation results a day earlier. The US-listed shares of the e-commerce firm fell 1.4% overnight.

“Despite the unexciting results, we think BABA (Alibaba Group) shares are likely to remain more resilient than most peers as it appears to have been deemed by the market as facing smaller regulatory risks,” said Nomura in a note.

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Aussie shares on a high

Australia’s S&P/ASX 200 index hit an intraday record high of 7,509.2 points as mining gains boosted the benchmark index.

Iron ore miners BHP Group rose 2.2% to A$54.12 and smaller rival Rio Tinto climbed 1.6% to A$134.56.

Energy shares also gained on Wednesday with the S&P/ASX 200 Energy index up 0.9%.

DE40

14,416.40 Price
+0.090% 1D Chg, %
Long position overnight fee -0.0086%
Short position overnight fee 0.0004%
Overnight fee time 22:00 (UTC)
Spread 1.5

US500

3,961.80 Price
+0.150% 1D Chg, %
Long position overnight fee -0.0166%
Short position overnight fee 0.0059%
Overnight fee time 22:00 (UTC)
Spread 0.7

US30

33,858.00 Price
+0.130% 1D Chg, %
Long position overnight fee -0.0165%
Short position overnight fee 0.0059%
Overnight fee time 22:00 (UTC)
Spread 2

US100

11,516.60 Price
+0.220% 1D Chg, %
Long position overnight fee -0.0167%
Short position overnight fee 0.0059%
Overnight fee time 22:00 (UTC)
Spread 1.8

Three-day winning streak

South Korean shares rose for the third straight day as technology stocks tracked overnight Nasdaq gains.

The benchmark KOSPI index rose 1.2% to 3,274.07 points as tech heavyweight Samsung Electronics rose 1.8% and memory-chip maker SK Hynix gained 1.3% on Wednesday.

Petrochemical firm SK innovation declined 4% on Wednesday after confirming that it will split off its battery business and oil and gas business by October.

Japan down

Japan shares fell on Wednesday as investors fretted over surging coronavirus cases in the island nation. Tuesday’s daily new infections toll was the second highest on record.

Trading house Mitsui & Co fell 3.3% to retreat from its over-13-year high, hit a day earlier, after raising its full year outlook on the back of booming commodities prices.

Toyota Motor reported record-high quarterly operating profits on Wednesday. The likes of Honda Motor, Softbank Corp and Sony Group are due to report later in the day.

Singapore’s banks report

Singapore’s Straits Times index rose 0.9% as financial heavyweights Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) reported strong growth in quarterly profits.

Shares of OCBC and UOB rose 1.3% and 1.7%, respectively. Bigger rival DBS Group Holdings climbed 1.3% on Wednesday.

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Read more : South Korea’s SK innovation to spilt off battery business

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