December 4, 2023

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Truly Business

Hong Kong’s Dangle Seng index drops as Chinese tech shares tumble

2 min read

SINGAPORE — Shares in Asia-Pacific mostly slipped in Monday early morning trade as traders monitored Chinese tech stocks in Hong Kong.

Hong Kong-listed shares of Alibaba dropped 3.04% adhering to a Monetary Situations report that Beijing would like to crack up Ant Group’s Alipay and pressure the generation of a separate loans app.

Other Chinese tech stocks also declined, with Tencent falling 2.33% while Meituan slipped 3.39%. The Cling Seng Tech index dropped 1.74%.

Hong Kong’s broader Dangle Seng index dropped 1.5%. Mainland Chinese shares edged greater, with the Shanghai composite shedding .15% whilst the Shenzhen ingredient declined .156%.

In Japan, the Nikkei 225 edged .25% reduced although the Topix index shed .16%.

Shares of automakers Toyota and Honda fell 2.37% and 1.84% respectively. The two firms criticized a U.S. Dwelling electric car tax prepare that would reward Detroit’s Big A few automakers, according to a Reuters report.

South Korea’s Kospi dipped .22%.

The S&P/ASX 200 in Australia edged .14% greater.

MSCI’s broadest index of Asia-Pacific shares outdoors Japan traded .74% decrease.

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On the lookout forward for the 7 days, the U.S. shopper price index for August is set to be out on Tuesday, while retail product sales figures stateside are expected Thursday. A slew of Chinese financial facts, together with retail revenue and industrial output for August, is also set to be out on Thursday.

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