Markets

Asia-Pacific Markets Higher as Tech Stocks in the Region Mostly Rise

Noriko Hayashi | Bloomberg via Getty Images
  • Shares in Asia-Pacific rose in Tuesday trade.
  • Minutes from the Reserve Bank of Australia's October monetary policy meeting released Tuesday showed the RBA expecting the Australian economy to "return to growth in the December quarter and to its pre-Delta path in the second half of 2022."
  • Tech stocks in Asia rose in Tuesday trade, with the Hang Seng Tech index in Hong Kong jumping 2.25% by the afternoon.

SINGAPORE — Shares in Asia-Pacific closed higher on Tuesday, with tech stocks in the region jumping following similar gains overnight for their counterparts on Wall Street.

In mainland China, the Shanghai composite edged 0.7% higher to close at 3,593.15, while the Shenzhen component rose more than 1% to 14,499.77. Hong Kong's Hang Seng index climbed 1.43% in the final hour of trade.

The Nikkei 225 in Japan gained 0.65% to close at 29,215,52, while the Topix index advanced 0.36% to 2,026.57. South Korea's Kospi climbed 0.74% to 3,029.04.

Australia's S&P/ASX 200 closed near the flatline at 7,374.90. Minutes from the Reserve Bank of Australia's October monetary policy meeting showed the RBA expecting the Australian economy to "return to growth in the December quarter and to its pre-Delta path in the second half of 2022."

MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.14%.

Tech stocks rise

Tech stocks in Asia rose on Tuesday, and the Hang Seng Tech index in Hong Kong jumped over 3%. Hong Kong-listed shares of Alibaba climbed 1.3%, and Meituan jumped 1.8%.

Japanese conglomerate Softbank Group also saw its stock soaring 3.06% while shares of South Korean chipmaker SK Hynix advanced 0.62%.

Investors also monitored Apple supplier shares in Asia after the Cupertino-based tech giant announced new products on Monday.

Shares of Apple suppliers in Japan fell. Taiyo Yuden dropped around 2% while Murata Manufacturing slipped 0.74%.

Elsewhere, shares of Taiwan Semiconductor Manufacturing Company jumped 1.69%. Luxshare's stock in mainland China also surged 6.32%.

Overnight on Wall Street, the S&P 500 gained 0.34% to 4,486.46 while the Nasdaq Composite jumped 0.84% to 15,021.81. The Dow Jones Industrial Average lagged, dipping 36.15 points to 35,258.61.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.624 against an earlier high of 93.947.

The Japanese yen traded at 114.01 per dollar after weakening last week from below 113.4 against the greenback. The Australian dollar changed hands at $0.7462, above levels below $0.74 seen yesterday.

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures rising 0.57% to $84.82 per barrel. U.S. crude futures gained 0.92% to $83.2 per barrel.

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