Chinese, Hong Kong Markets Jump

Shares in Asia-Pacific rose on Tuesday, as investors watched tech shares following overnight gains in the sector stateside.

In Japan, the Nikkei 225 jumped 189.37 points, or 0.7%, to 28,553.98

Shares of Japanese conglomerate SoftBank Group gained 0.54% while South Korean chipmaker SK Hynix saw its stock jump 2.9%.

Those moves came following a bounce for tech stocks stateside. Overnight on Wall Street, Alphabet — the parent of Google, Facebook and Microsoft all rose more than 2%.

The Japanese yen traded at 108.76 per U.S. dollar, stronger than levels around 108.9 against the greenback seen yesterday.

In Hong Kong, the Hang Seng popped 498.6 points, or 1.8%, to 28,910.86.

Technology stocks in Asia-Pacific were in focus on Tuesday.

That included China’s Kuaishou Technology, whose Hong Kong-listed shares plunged more 11.5% on Tuesday despite announcing Monday a 36.6% jump in its first-quarter revenues compared to the same period of 2020.

Meanwhile, Chinese smartphone maker Xiaomi saw its Hong Kong-listed stock surge 4.1% after FTSE Russell announced Monday that the firm will be reincluded into its indexes. Earlier in May, the U.S. agreed to remove Xiaomi from a blacklist that would have barred Americans from investing in the firm.

Hong Kong-listed shares of other Chinese tech firms were largely positive, with Tencent rising 4.2% while Alibaba edged 0.5% higher.

In Southeast Asia, Singapore’s economy expanded by 1.3% year-on-year in the first quarter, data from the Ministry of Trade and Industry released Tuesday showed. The ministry also announced it would maintain Singapore’s Gross Domestic Product growth forecast for 2021 at “four to six per cent.”

The Australian dollar changed hands at $0.7764, following a bounce yesterday from around $0.772.

In other markets

In Shanghai, the CSI 300 moved ahead 162.89 points, or 3.2%, to 5,318.48.

The Kospi index in Korea gained 27.02 points, or 0.9%, to 3,171.32

In Singapore, the Straits Times index progressed 22.48 points, or 0.7%, to 3,146.09.

In Taiwan, the Taiex index hiked 257.38 points, or 1.6%, to 16,595.67

In New Zealand the NZX 50 fell back 107.8 points, or 0.9%, to 12,341.19

In Australia, the ASX 200 added 69.26 points, or 1%, to 7,115.19.