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What Happened to Stocks in Asia-Pacific?

Stocks in Asia-Pacific were mixed on Tuesday as investors monitored the reaction to the People’s Bank of China’s announcing financial support for Covid-hit sectors.

In Hong Kong, the Hang Seng index led losses among the region’s major markets. It declined 2.28% to end its trading day at 21,027.76. 

Chinese tech stock in Hong Kong fell after authorities in China announced on Friday a ban on livestreaming of unauthorized video games. Shares of Bililbili declined 10.92% while NetEase dropped 2.99%. Moreover, shares of Tencent fell 2.78% and Alibaba declined 4.19%. The Hang Seng Tech index dropped 3.79% to 4,156.42.

Mainland Chinese stocks suffered losses on Tuesday. The Shanghai composite closed slightly lower at 3,194.03. The Shenzhen component dropped 0.497% to finish its trading day at 11,633.32.

The People’s Bank of China made an interesting announcement on Monday. The country’s central bank will increase financial support for industries, businesses, and people affected by Covid-19. 

The above-mentioned announcement came after the country reported mixed economic data. Its first-quarter GDP grew faster than expected despite the impact of Covid lockdowns in parts of China in March. First-quarter GDP jumped by 4.8%, surpassing expectations of a 4.4% increase from a year ago. 

Fixed asset investment for the quarter grew by 9.3% from a year ago, exceeding expectations for 8.5% growth. Besides, investment in manufacturing rose by 8.5%  in the first quarter from a year ago, and infrastructure saw an 8.5% increase over the same period. 

Nevertheless, retail sales declined in March declined by a more-than-expected 3.5% from a year earlier. 

In Japan, the Nikkei 225 gained 0.69% to close at 26,985.09. The Topix index advanced 0.83% to end its trading day at 1,895.70. In South Korea, the Kospi added 0.95% to 2,718.89.

Australia’s S&P/ASX 200 gained 0.56% to 7,565.20.

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