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China stocks lead losses in Asia-Pacific; Alibaba shares in Hong Kong surge following huge fine

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SINGAPORE — Stocks in China led losses as Asia-Pacific shares traded lower on Monday.

Mainland Chinese stocks also fell as the Shanghai composite fell 1% while the Shenzhen component was lower by 1.9%. Hong Kong’s Hang Seng index dropped 1.39%.

In Japan, the Nikkei 225 fell 0.51% while the Topix index declined 0.15%. South Korea’s Kospi was a tad lower by about 0.04%.

Stocks in Australia slipped as the S&P/ASX 200 shed 0.36%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.85% lower.

Stocks on the move

In corporate developments, shares of Alibaba in Hong Kong soared more than 6% in Monday morning trade. The moves came after Chinese regulators slapped the firm with a 18.23 billion yuan ($2.8 billion) fine in its anti-monopoly probe of the tech juggernaut.

Elsewhere, shares of South Korea’s LG Chem and SK Innovation jumped 0.99% and 14.5%, respectively. That came after battery makers LG Energy Solution, which was spun-off from LG Chem last year, and SK Innovation came to a settlement over a trade secrets dispute.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.272 following its decline earlier this month from above 92.8.

The Japanese yen traded at 109.53 per dollar, stronger than levels above 110.5 against the greenback seen last week. The Australian dollar changed hands at $0.7598 following turbulent trade last week that saw it swinging from above $0.765 to around $0.759.

Oil prices were little changed in the morning of Asia trading hours, with international benchmark Brent crude futures up fractionally to $63 per barrel. U.S. crude futures traded flat at $59.32 per barrel.

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