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Chinese tech stocks in Hong Kong drop

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SINGAPORE — Stocks in Hong Kong fell on Friday — lagging the rest of the Asia-Pacific market, following days of turbulent trading this week as investors continue to monitor the situation surrounding the omicron Covid variant.

Chinese tech stocks plunged in Hong Kong after the ride-hailing giant DidiFriday’s announcement stated that the company will begin taking steps to delist from the New York Stock Exchange — less than six months after it made its debut stateside. It also stated in its statement that the company will seek a Hong Kong listing.

The shares of TencentIn Hong Kong, the drop was 2.87% AlibabaDropped 4.57% MeituanThe index fell 4.52%. Hang Seng Tech fell 2.32%.

Hong Kong is a larger city. Hang Seng indexLagged regionally with a fall of 0.74% in the afternoon.

Stocks in China’s mainland edged up, as the Shanghai compositeRising 0.58% during the Shenzhen componentSlightly higher at 0.232%

Japan has the following: Nikkei 225While the Topix index rose 1.17%, it edged 0.3% higher. The shares of conglomerates SoftBank GroupDidi dropped by more than 2 percent for a stake owned by.

South Korea KospiIt climbed by 0.88%

Australia’s shares rose also as a result. S&P/ASX 200Advanced 0.35%

MSCI’s Asia-Pacific broadest index, which excludes Japan, fell 0.3%.

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Shares on Wall Street saw a sharp rebound overnight, with the Dow Jones Industrial Average surging 617.75 points to 34,639.79 while the S&P 500 gained 1.42% to 4,577.10. The Nasdaq Composite gained 0.83% to 15,381.32.

Oil prices jump almost 2%

The afternoon Asia trading hour saw oil prices rise, with benchmarks internationally. Brent crude futuresIncreasing 1.65% to $70.82 a barrel U.S. crude futuresOil prices rose by 1.82% to $67.71 a barrel

It U.S. dollar indexAfter a recovery from below 96,, the metric that tracks the greenback against its peers was at 96.195.

It Japanese yenIt traded at 113.18 dollars per dollar, which was still strong than earlier levels of 113.4 against the greenback. The Australian dollarIt was 0.707 less than levels of $0.715 earlier in the week.

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