Hong Kong’s Hang Seng index soars above 2% in mixed Asia-Pacific trade

SINGAPORE – Shares in the Asia-Pacific region were mixed in Friday trading after heavy losses overnight on Wall Street, where the technology-heavy Nasdaq Composite fell nearly 4%.

Hong Kong’s Hang Seng index led to growth among the region’s major markets, rising 2.22% in morning trading, with shares of HSBC in the city rising around 4%.

Markets in Hong Kong returned to trading on Friday after being closed for most of this week due to the lunar New Year holiday. In mainland China, markets remain closed on Fridays due to public holidays.

South Korea’s Kospi rose 0.75 per cent.

Elsewhere, the Nikkei 225 in Japan sat below the flat line, while the Topix index dipped 0.12%. S & P / ASX 200 in Australia fell 0.2 per cent.

MSCI’s broadest index of Asia-Pacific equities outside Japan traded 0.64% higher.

Wall Street falls

The biggest averages fell overnight in the state, where the technology-heavy Nasdaq Composite plunged 3.74% to 13,878.82 – the worst day since September 2020.

The S&P 500 also experienced significant losses, falling 2.44% to 4,477.44, while the Dow Jones Industrial Average fell 518.17 points, or 1.45%, to 35,111.16.

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U.S. stock futures later pointed to a reversal of some of those losses after strong quarterly results from technology companies like Amazon and Snap. Dow futures rose about 150 points. S&P 500 futures rose 0.84%, while Nasdaq 100 futures rose 1.56%.

Currencies and oil

The US dollar index, which follows the dollar against a basket of its peers, was at 95.261 – after falling from over 96.6 earlier in the week.

The Japanese yen traded at 114.82 per dollar, weaker than levels below 114.5 against the dollar yesterday. The Australian dollar stood at $ 0.7136, largely holding on to the rise after its rise from below $ 0.702 earlier in the trading week.

Oil prices were higher in the morning during opening hours in Asia, with international benchmark brent oil futures rising 0.45% to $ 91.52 per tonne. barrel. Futures on US crude oil rose 0.62% to $ 90.83 per share. barrel.

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