Chinese stocks climb back into positive territory from losses in mixed Asia trading
SINGAPORE — Shares in Asia-Pacific were mixed in Wednesday morning trade after overnight losses saw the tech-heavy Nasdaq Composite sliding to a fresh low for 2022.
Stocks of China attempted to recover from several days of losses. On Wednesday morning, trade was dominated by the Shanghai CompositeThe gain was around 0.4% Shenzhen ComponentIt has risen 0.85% Hong Kong Hang Seng indexTraded close to flat.
According to official data, China’s March-January period witnessed an 8.5% rise in its industrial profits.
Chinese stock markets suffered heavy losses in early this week, as investors remain worried about the Covid situation on the mainland. Mass testing recently began in China’s capital city of BeijingOver the weekend, there was a sharp rise in Covid-related cases. As Shanghai is still under lockdown, this means that much of Shanghai will remain indefinitely.
Ray Attrill of National Australia Bank’s foreign exchange strategy wrote that “the fear that Beijing will join Shanghai in lockdown” in a note.
Australian stocks were also trading in negative territory. S&P/ASX 200 0.82% lower. According to data released Wednesday by the statistics bureau of Australia, the consumer price index in Australia rose 2.1% during the March 2022 quarter. This was higher than the 1.7% increase expected in a Reuters poll.
MSCI’s Asia-Pacific broadest index, which is not based on Japan, traded at 0.74% less.
The region’s technology stocks fell mainly in Wednesday trade. Japanese conglomerates were the most affected. SoftBank GroupThe decline was 2.68% South Korea saw shares in Samsung Electronics drop more than 1 percent, and Krafton fell 4.43%.
Tech-heavy Nasdaq Composite lost 3.95% over the overnight to 12,490.74. At 23% below its peak, the index is now in bear market territory.
Other indexes on Wall Street also saw sizable losses, with the S&P 500 falling 2.81% to 4,175.20. Dow Jones Industrial Average fell 809.28 point, or 2.388%, to 33.240.18.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 102.32 — above levels below 100.8 seen last week.
The Japanese yenIt traded at 127.50 dollars per dollar. This is a stronger level than levels higher than 128.1 that were seen earlier this week. The Australian dollarYesterday’s levels of $0.72 were lower than yesterday’s $0.7165.
The morning Asia trading hour saw oil prices rise, while international benchmarks were lower. Brent crude futuresUp to 1.14% to $106.19 a barrel U.S. crude futuresBarrel prices rose by 1.12% to $102.84