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Tech Issues Roil Asian Stocks

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Last updated: 04/25/2024 06:58:23

06:58 AM EDT, 04/25/2024 (MT Newswires) -- Asian stock markets were uneven Thursday, as the recent tech rally reversed directions following softer-than-expected reports from US-based Meta Platforms, and also from Japan-based imaging house Canon and industrial robot maker Fanuc.

Hong Kong and Shanghai edged higher, but Tokyo finished solidly in the red. Other regional exchanges were mixed on the downside, with Sydney closed on holidays.

In Japan, the Nikkei 225 opened lower and declined to close, finishing off 2.2% after overnight declines in Wall Street tech issues, and on concerns the Bank of Japan will intervene to boost the soft exchange rate of the Japanese yen. Traders also weighed earnings reports.

The benchmark Nikkei 225 fell 831.60 to 37,628.48, as gaining issues outnumbered gainers 207 to 18.

Leading the upside was drugmaker Eisai, up 2.8%, while Tokyo Gas declined 9.6%.

In economic news, the Japanese yen struck a fresh 34-year low against the US, at near 156 to the greenback.

In Hong Kong, the Hang Seng Index opened evenly, wobbled but finished up 0.5% on hopes that Beijing will improve both the investment climate and work to stimulate the nation's economy.

The broad gauge Hang Seng rose 83.27 to 17,284.54, as gaining issues outnumbered losers 58 to 20. The Hang Seng TECH Index lost 0.5% on the day, but the Mainland Properties Index rose 2.1%.

Leading the upside was China Overseas Land & Investment, gaining 6.3%, while Li Auto fell 3.2%.

On the mainland, the Shanghai Composite rose 0.3% to 3,052.90.

On the other regional exchanges, the S. Korean KOSPI fell 1.8%; the Taiwan TWSE declined 1.4%; the Singapore Straits Times Index fell 0.2%, and the Thai Set inclined 0.2%. In late trading in Mumbai, the Sensex was up 0.7%.

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