SINGAPORE — Shares in Asia-Pacific struggled for direction in Wednesday morning trade, as technology stocks in the region came under pressure amid rising U.S. bond yields.

Hong Kong listed shares TencentEarly trade saw a drop of 2% On Tuesday, the Chinese tech giant announced it would be selling 2.6% equity shares in China. Sea Limited.

The shares of the other Chinese tech companies listed in the area also fell. MeituanIt dropped by 4.74% Kuaishou plunged 4.38%. AlibabaOn the other side, it rose 1.37%. Hang Seng Tech traded at 1.95% less.

Kakao declined 3.14% and Samsung Electronics in South Korea fell 1.91%. Shares of AfterpayThe decline was greater than 3%

These movements were possible because investors monitored interest rates on the bond market. U.S. Treasury yields rising at the fastest new year pace in two decades. On Tuesday, the benchmark U.S. Treasury yield of 1.71% climbed to an all-time high. It was last at 1.656%.

When yields rise, technology stocks are more attractive for investors because their future earnings tend to be lower.

Hong Kong-listed stocks of other corporations are also being developed China Mobile jumped 3.65%. China’s largest publicly traded share offering of the decade was held in Shanghai on Wednesday. according to Reuters.

YouHong Kong is a key player in the wider Asia-Pacific market. Hang Seng indexThe decline was 0.3% The Shanghai compositeThe mainland China dropped 0.43%. Shenzhen component fell 0.565%.

It Nikkei 225Japan’s Topix index rose 0.1% and Japan’s rose by 0.1%. In South Korea, however, it was the Kospi1.08 %

It S&P/ASX 200Australia’s economy fell to negative territory with a decline of 0.19%.

MSCI’s Asia-Pacific share index, which is the largest outside of Japan, traded at 0.48% less.

On Wall Street overnight, the Dow Jones Industrial Average increased by 214.59 point to 36.799.65 Other indexes that are important in the US declined due to an increase in bond yields, as tech stock investors departed. The tech-heavy Nasdaq Composite dropped 1.33% to 15,622.72 while the S&P 500 dipped fractionally to 4,793.54.

It U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.28 — still holding on to gains following its climb from below 96 earlier in the week.

It Japanese yenYesterday’s closing price was 116.07 dollars, down from 115.5 yesterday. The Australian dollarIt was $0.724, after a recent rebound from lows below $0.72.

With international benchmarks, oil prices rose in the early hours of Asia trading. Brent crude futuresPrices as high as $80.05 for a barrel U.S. crude futuresBarrel prices rose by 0.1% to $77.05