Chinese technology stocks are still making waves


On the trading day of January 6, Asia-Pacific stocks shifted their focus to shares of Chinese technology corporations and major energy companies in the region.

Chinese technology stocks still rallied strongly after US President Donald Trump signed a decree to ban trading with eight Chinese software applications. Photo: AFP

Shares of two Chinese technology groups Tencent and Alibaba were closely followed by investors on January 6 trading day after US President Donald Trump signed a decree to ban trading with eight Chinese software applications, including including WeChat Pay app developed by Tencent and Alipay app by Ant Group. This decree only took effect after Mr. Trump left office.

Contrary to expectations, shares of Tencent and Alibaba listed in Hong Kong today 6/1 up 2.23% and 3.14% respectively. Shares of e-commerce giant JD.com jumped 7.73% while shares of Meituan “delivery empire” jumped 4.52%.

Energy stocks in the Asia-Pacific region today rose sharply after Saudi Arabia agreed to a voluntary output cut in February and March. In Australia, shares of Oil and Gas Exploitation Company. Beach Energy rose 1.95% while shares of Santos rose 2.05%. Inpex shares of Japan soared 6.17% while S-Oil shares in South Korea rose 4.1%. In Hong Kong, shares of China National Oceanographic Corporation (CNOOC) listed on this market reached an increase of 4.25%.

Oil prices on the Asian market this afternoon were mixed. Futures Brent crude oil futures edged up 0.26% to $ 53.74 / barrel, while the US crude futures price slid 0.16% to $ 49.85 / barrel.

Asia-Pacific stocks closed in opposite colors today. In mainland China, the Shanghai Composite Index rose 0.63% to 3,550.88 points while Shenzhen Component edged up 0.264% to close at 15,187.61 points. On the Hong Kong market, the Hang Seng Index ended the day up 0.15% to 27,692.30 points.

Private survey results showed that the service sector in China slowed down in December. Specifically, the Caixin / Markit Purchasing Managers’ Index (PMI) of the service sector reached 56.3 in December. , lower than the figure of 57.8 in November. The PMI index above 50 is a sign that the industry / sector achieved growth during the survey period.

In Japan, the Nikkei 225 today closed down 0.38% to 27,055.94, while the Topix index ended the day up 0.28% to 1,796.18. The South Korean Kospi index lost 0.75% today and closed at 2,968.21 points.

Australian stocks today were in red with the S & P / ASX 200 index lost 1.12% to 6,607.10 points. In general, the MSCI Asia-Pacific (excluding Japan) fluctuated around 678.74.

On the money market, the US dollar index against other major currencies continued to fall below 90, to 89,273. The Japanese yen strengthened and converted 102.76 JPY / USD from the previously set 102.9 JPY / USD, while the Australian dollar strengthened and turned 1 AUD / 0.7793 USD, from 1 AUD / 0.768 USD yesterday.

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