Hong Kong stocks fell sharply


On February 23, Hong Kong Securities fell the strongest point in the region in welcoming rookie Baidu – “the search giant” dubbed “the Google of China”.

Hong Kong’s Hang Seng Index dropped 1.34% on March 23 trading day. Photo: AFP

The Hang Seng Index this afternoon closed down 1.34% to 28,497.38 points. Technology stocks continue to be the focus of the Asia-Pacific stock market. Baidu’s secondary listing on the Hong Kong market today has been fuzzy. Baidu shares listed in Hong Kong rose more than 1% in the morning session but closed sideways compared to the asking price. Previously, many Chinese technology companies also made similar moves, notably the two “giants” of e-commerce Alibaba and JD.com.

Mainland Chinese stocks also closed “red to the floor” this afternoon, with the Shanghai Composite Index down 0.93% to 3,411.51 points, while Shenzhen Compnent fell 1,117% to 13,607.27 points.

In Japan, the Nikkei 225 index ended the day down 0.61% to 28,995.92 points, while the Topix index lost nearly 1% to 1,971.48 points. On the Korean market, the Kospi today lost 1.01% and closed at 3,004.74 points.

Australian stocks also could not avoid the red color when the S & P / ASX 200 index slipped 0.11% to 6,745.40 points. Overall, the MSCI Asia-Pacific Index (excluding Japan) fell 0.62% today.

Shares of major technology corporations in the Asia – Pacific region today are still “red fire” despite stocks of partners listed in the US last night flourishes. Shares of Softbank Technology Group (Japan) lost 0.9% while shares of LG Electronics of South Korea plunged 6.13%. In Hong Kong, Tencent shares slipped 0.79% while shares of food delivery empire Meituan slipped 5.24%.

Shares of many technology corporations listed in the US last night flourished when the yield of US treasury bonds dropped. The tech-oriented Nasdaq Composite index closed up 1.23% to 13,377.54 points. Other key indicators on Wall Street also went up last night. In which, the S&P 500 index rose 0.7% to 3,940.59 points, while the Dow Jones industrial average rose 103.23 points to 32,731.20 points.

After peaking 14 months last week, lThe yield on a 10-year US Treasury bond fell 5 basis points to 1.68% (1 basis point was equal to 0.01%). In the most recent update, the yield on 10-year US Treasury bonds stood at 1,647%.

On the money market, the greenback strengthened significantly compared to last week. Specifically, the US dollar index against other major currencies increased to 92,013, from below 91.5, set last week. The Japanese yen weakened today and exchanged 108.74 JPY for 1 USD, while the Australian dollar also slipped to 1 AUD for 0.7692 USD, compared to over 1 AUD / 0.78 USD in the previous week.

Oil prices traded in Asia this afternoon decreased. Futures prices for Brent crude fell 1.32% to $ 63.77 / barrel, while the US crude futures price also dropped by the same level of 1.32% to $ 60.75 / barrel.