Hong Kong shares rise 2% as Alibaba lifts technology stocks; Asia markets mostly rise

Mar 30, 2023

CNBC – UPDATED WED, MAR 29 20234:07 AM EDT

This is CNBC’s live blog covering Asia-Pacific markets.

Chinese technology stocks such as Alibaba and Tencent have been hammered in 2022 as regulatory pressure and a slowing Chinese economy weighed on growth. But investors are starting to feel slightly more optimistic toward Chinese tech giants in 2023.
Chinese technology stocks such as Alibaba and Tencent have been hammered in 2022 as regulatory pressure and a slowing Chinese economy weighed on growth. But investors are starting to feel slightly more optimistic toward Chinese tech giants in 2023.
Jakub Porzycki | Nurphoto | Getty Images

Asia-Pacific markets were mostly higher on Wednesday as Alibaba’s Hong Kong-listed shares spiked at the open after the Chinese tech giant announced it will split into six business groups.

Hong Kong’s Hang Seng index gained 2.03% and the Hang Seng Tech index climbed by 2.4%. Shares of Alibaba jumped 13.7%.

In mainland China, the Shanghai Composite was down 0.16%, closing at 3,240.05 while the Shenzhen Component rose 0.13% to end at 11,579.91.

Australia’s S&P/ASX 200 rose 0.23% to close at 7,050.3, as its February consumer price index rose 6.8%, lower than expected.

In Japan, the Nikkei 225 rose 1.33% to finish at 27,883.78 and the Topix rose 1.46% to end the day at 1,995.48. South Korea’s Kospi closed at 2,442.92, up 0.37% and the Kosdaq rose 1.25% to close at 843.94.

Overnight in the U.S., all three major indexes fell, with the tech-heavy Nasdaq Composite losing 0.45%, the S&P 500 falling 0.16%, and the Dow Jones Industrial Average shedding 37.83 points, or 0.12%.

Bond yields rose, with the rate on the 2-year U.S. Treasury note climbing back above 4%. Rising rates make future profits, like those promised by growth companies, less attractive.

— CNBC’s Tanaya Macheel, Samantha Subin and Arjun Kharpal contributed to this report.

Source: https://www.cnbc.com/2023/03/29/asia-markets-mixed-as-investors-watch-alibabas-asia-shares-australia-releases-inflation-numbers-.html