Asia-Pacific markets higher as tech stocks regionally rise

In Tuesday’s trading, shares in Asia-Pacific climbed, with tech firms in the region leading the way after their Wall Street counterparts posted similar gains overnight.

The Shanghai Composite was up 0.7 percent in the afternoon in mainland China, while the Shenzhen component was up 0.926 percent. The Hang Seng index in Hong Kong increased by 1.18 percent.

In Japan, the Nikkei 225 index rose 0.67 percent, while the Topix index rose 0.39 percent. The Kospi in South Korea increased by 0.66 percent.

The S&P/ASX 200 index in Australia was also higher, up 0.18 percent. The Reserve Bank of Australia expects the Australian economy will “return to growth in the December quarter and to its pre-Delta course in the second half of 2022,” according to minutes from its October monetary policy meeting.

Outside of Japan, MSCI’s broadest index of Asia-Pacific stocks rose 0.99 percent.

Tech stocks rise

In Tuesday’s trading, Asian tech stocks surged, with the Hang Seng Tech index in Hong Kong surging 2.25 percent. Alibaba and Meituan’s Hong Kong-listed shares rose 1.29 percent and 2.07 percent, respectively.

Softbank Group, a Japanese conglomerate, had its stock rise 3.01 percent, while SK Hynix, a South Korean chipmaker, saw its stock rise 0.62 percent.

Following the Cupertino-based tech giant’s announcement of new items on Monday, investors in Asia kept an eye on Apple supplier stocks.

Taiyo Yuden’s stock declined 2.21 percent in Japan, while Murata Manufacturing’s stock fell 0.74 percent.

Taiwan Semiconductor Manufacturing Company’s stock increased 1.36 percent in Taiwan. Luxshare’s stock rose 7.07 percent in mainland China.

The S&P 500 rose 0.34 percent overnight to 4,486.46, while the Nasdaq Composite rose 0.84 percent to 15,021.81. The Dow Jones Industrial Average fell 36.15 points to 35,258.61, trailing the S&P 500.

Oil and currencies

The dollar index, which measures the value of the greenback against a basket of currencies, was at 93.686, down from an earlier high of 93.947.

The Japanese yen was trading at 114.10 per dollar, down from below 113.4 per dollar last week. The Australian dollar traded at $0.7454, up from yesterday’s lows of $0.74.

In the afternoon of Asian trading hours, oil prices were higher, with international benchmark Brent crude futures lingering around $84.35 per barrel. Crude oil futures in the United States rose 0.11 percent to $82.53 per barrel.

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