Technology Stocks Jumped on Friday Thanks to Wall Street
Stocks in Asia-Pacific rose on April 29, with technology stocks in the region jumping following big gains on Wall Street that saw the Nasdaq Composite surging 3%.
U.S. stocks jumped on April 28, following a strong earnings report from Meta Platforms, as the market sought to recover from this month’s sell-off.
Let’s get back to Asia. In Hong Hong, the Hang Seng index jumped 4.01% to 21,089.39, leading gains among the region’s major markets.
Mainland Chinese stocks also rose on April 29. The Shanghai composite gained 2.41% to close at 3,047.06. The Shenzhen component added 3.693% to around 11,021.44.
The surge in the China markets came after the country’s state media on April 29 reported details of a Politburo meeting where officials promised more policy support to meet the country’s economic growth target for the year.
The mainland part of the country is trying to deal with its worst Covid-19 outbreak since the initial shock of the pandemic in early 2020.
Investors and technology stocks
Investors also monitored moves in Asia-Pacific technology stocks after their counterparts on Wall Street rallied overnight. The Nasdaq Composite gained 3.06% to 12,871.53.
The S&P 500 gained 2.47% to 4,287.50. Furthermore, the Dow Jones Industrial Average added 614.46 points or 1.85% to 33,916.39.
Chinese technology stocks achieved great results. Tencent advanced 11.07% and Alibaba jumped 15.69%. The Hang Seng Tech index added 9.96% to 4,471.75.
Shares of Samsung Electronics advanced 4.01% while chipmaker SK Hynix added 2.74%. Krafton gained 4.78%.
South Korea’s Kospi added 1.03% to end its trading day at 2,695.05. In Australia, the S&P/ASX 200 gained 1.06% to close at 7,435.
Investors also kept an eye on Apple’s suppliers after Apple warned of a potential $8 billion hit from supply constraints.
Shares of LG Display rose 2.13% on April 29. Moreover, AAC Technologies saw its stock in Hong Kong surge 8.06%.
In Taiwan, shares of Taiwan Semiconductor Manufacturing Company gained 1.32%.
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