Asia Gains on Economic Concerns

Shares in the Asia-Pacific region were higher on Tuesday as investors weighed economic concerns.

In Japan, the Nikkei 225 jumped 178.2 points, or 0.7%, to 27,049.47.

The Japanese yen traded at 135.73 per U.S. dollar, holding stronger than the 136 level

In Hong Kong, the Hang Seng index gathered 189.45 points, or 0.9%, to 22,418.97.

Technology investor Prosus NV will sell some of its stake in Tencent to fund a stock buyback of itself and parent Naspers, the Dutch firm said on Monday. Hang Seng heavyweight Tencent fell 4% in the last hour of trading.

The Australian dollar was at $0.6938.


In Shanghai, the CSI 300 gained 46.26 points, or 1%, to 4,490.52.

In corporate news, reported a net loss of 989 million Chinese yuan ($147.79 million U.S.) for the first quarter of 2022 after the U.S. market close.

The company said in a press release that its results were materially and adversely affected by COVID-19 disruptions in China.’s U.S.-listed shares fell 1.51% in after hours trade.

Weilong Delicious, a Chinese snack company, has reportedly revived its initial public offering in Hong Kong and could be listed in the second half of the year. Bloomberg reported that the company refiled a preliminary prospectus on Monday and that the company could raise $500 million.

In other markets

In Singapore, the Straits Times Index nicked up 2.67 points, or 0.1%, to 3,140.21.

In Taiwan, the Taiex index defied the positive tide, falling 108.09 points, or 0.7%, to 15,439.92.

In Korea, the Kospi gained 20.17 points, or 0.8%, to 2,422.09.

In Australia, the ASX 200 climbed 57.69 points, or 0.9%, to 6,763,64.

In New Zealand, the NZX gained 20.7 points, or 0.2%, to 11,018.62.