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Online Stocks, Financial Firms Weigh Down Asian Equities in Wednesday Trading

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Last updated: 01/25/2023 10:38:08

10:38 AM EST, 01/25/2023 (MT Newswires) -- Online firms and financial companies are weighing down Asian equities in Wednesday morning trading, as American depositary receipts of Asian stocks were falling 1.32% to 1,676.62 on the S&P Asia 50 ADR Index.

In North Asia, the gainers were led by educational services provider 51Talk Online Education Group (COE) and fintech company Pintec Technology (PT), which rose 11% and 2.1% respectively. They were followed by automotive ecommerce platform TuanChe (TC) and photography company Canon Inc. (CAJ), which were up 1.4% and 0.8% respectively.

The decliners in North Asia were led by solar project developer ReneSola (SOL) and used car ecommerce platform Uxin (UXIN), which fell 5% and 3.9% respectively. They were followed by travel company Tuniu (TOUR) and online video platform iQIYI (IQ), which dropped 3.5% and 3.2% respectively.

In South Asia, the gainers were led by telecommunications operator PLDT (PHI), which rose 2.3%, followed by automaker Tata Motors (TTM) and biotech firm ASLAN Pharmaceuticals (ASLN), which were up 1.3% and 1.1% respectively.

The decliners in South Asia were led by financial services companies HDFC Bank (HDB) and ICICI Bank (IBN), which fell 5.9% and 4.2% respectively. They were followed by digital entertainment firm Sea Limited (SE) and IT firm Wipro (WIT), which were down 3.4% and 2.1% respectively.

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