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Chinese Stocks Led Gains Among the Region’s Major Markets

by Carl Steward
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Stocks in AsiaChinese Stocks Led Gains Among the Region’s Major Markets 

Stocks in Asia-Pacific mostly rose on Wednesday, as mainland Chinese stocks led gains among the region’s major markets. 

The Shanghai composite added 1.96% to end its trading day at 3,266.60. The Shenzhen component jumped 3.1% to 12,263.80.

In Hong Kong, the Hang Seng index advanced 1.39% to close at 22,232.03.

Hong Kong-listed shares of China Evergrande’s electric vehicle unit plunged 10.8% after they resumed trading on Wednesday. In the meantime, Hong Kong-listed shares of China Evergrande Group will remain suspended until further notice, according to its announcement. 

Shares of streaming firms Kuaishou and Bilibili dropped 6.24% and 2.48%, respectively in Hong Kong. The Hang Seng Tech index gained 0.34% to 4,622.57.

Stocks on Tuesday and Wednesday 

Japanese stocks defied the trend on Wednesday. The Nikkei 225 fell 0.8% to finish its trading day at 28,027.25, with shares of telecommunications firm KDDI declining more than 4%. The Topix dropped 1.21% to close at 1,967.60.

South Korea’s Kospi gained 0.21% to 2,746.74. In Australia, the S&P/ASX 200 advanced 0.67% to end the trading day at 7,514.50. 

U.S. stocks rose on Tuesday, prolonging Wall Street’s winning streak as traders monitored the ceasefire negotiations in Europe and key levels in the bond market.

The Dow Jones Industrial Average advanced 338.30 points or 0.97%, to close at 35,294.29. The S&P 500 added 1.23% to 4,361.60. Also, the Nasdaq Composite gained 1.8% to 14,619.64. The Dow Jones Industrial Average and S&P 500 advanced in four straight trading sessions.

Auto stocks reached formidable results on Tuesday. Ford added 6.5% and GM rose more than 4%. Travel stocks also reached good results. American Airlines advanced 5%.

In tech, Netflix added more than 3% and Snap gained 4.5%. Shares of Moderna rose 4.4%. The company’s shares jumped after U.S. regulators approved an additional Covid vaccine shot for people age 50 and over. 

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