Global Market News

Tech Rally Lifts Asian Stock Markets; Hong Kong Lags


Last updated: 07/09/2024 06:35:17

06:35 AM EDT, 07/09/2024 (MT Newswires) -- Asian stock markets largely gained Tuesday after fresh records overnight on Wall Street, although Hong Kong lagged on soft property issues.

Shanghai and Tokyo finished in the green, as did most regional exchanges. Tokyo and Mumbai closed at record highs.

In Japan, the Nikkei 225 opened higher and rose to the close finishing up 2%, with tech issues rising after gains by Wall Street peers.

The benchmark Nikkei 225 rose 799.47 to 41,580.17, as gaining issues outnumbered losers 157 to 66.

Leading the upside was electrical equipment maker Fujikura, up 11.4%, while Kawasaki Kisen Kaisha declined 2.2%, extending recent softness in shipping line issues.

In Hong Kong, the Hang Seng Index opened lower, undercut by sagging property issues, but an afternoon rally in tech shares brought the index to near breakeven.

The broad gauge Hang Seng fell marginally 0.83 to 17,523.23, as gaining issues outnumbered losers 42 to 35. The Hang Seng TECH Index gained 1% while the Mainland Properties Index fell 4.8%.

Leading the upside was smartphone components maker Sunny Optical Technology, gaining 7.8, while noodle maker Tingyi brought up the rear, falling 4.2%.

On the mainland, the Shanghai Composite rose 1.3% to 2,959.37.

In other news, listed mainland China property developer Guangzhou R&F Properties disclosed that its Trillion Glory unit had received a liquidation petition from a Singapore-based private equity fund due to non-repayment of a loan.

On the other regional exchanges, the S. Korean KOSPI rose 0.3%; the Taiwan TWSE inclined 0.1%; the Australian ASX 200 inclined 0.9%; the Singapore Straits Times Index rose 0.6%, and the Thai Set declined 0.2%. In late trading in Mumbai, the Sensex was up 0.5%.
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