Chinese Stocks Fell as the Rest of Asia Traded Mixed
Chinese stocks suffered significant losses on Friday as the rest of Asia-Pacific traded mixed, while U.S. stocks jumped on Thursday and oil prices declined.
In Hong Kong, the Hang Seng index fell 2.9%. The Shanghai composite dropped 0.77% and the Shenzhen component declined 1.36%. On Friday the CSI 300 plunged 1.36%.
Hong Kong-listed shares of Russian aluminum producer Rusal jumped more than 10% in early trade before reversing to tumble more than 4%. Rusal and other companies from Russia are trying to adapt to the new reality. The stock fell earlier this week after Rusal said on Monday that it was evaluating the impact of a ban announced by the Australian government.
Its shares in Moscow jumped nearly 16% when markers resumed trading in Russia on Thursday.
Shares of JD Logistics dropped more than 14%, declining below its offer price. In a filing with the Hong Kong stock exchange on Friday, JD Logistics said it will raise 8.53 billion Hong Kong dollars ($1.09 billion) through a share sale. The subsidiary of JD.com said the shares will be priced at 20.71 Hong Kong dollars a piece.
The Hang Seng tech index dropped almost 5%, with Alibaba losing more than 6%. Tencent dropped 2.7%, JD.com fell 6.3%, and Meituan declined 7.6%.
Delisting fears continued to be in focus on Friday with the U.S. Securities and Exchange Commission adding Weibo to a list of Chinese stocks facing the risk of being delisted from the U.S.
Stocks on Thursday and Friday
In Japan, the Nikkei 225 and the Topix sat below the flatline. The country reported inflation data, showing its core consumer price index hit a two-year high this month.
Australia’s S&P/ASX 200 stayed in the positive territory on Friday. The S&P/ASX 200 gained 0.26%, with some gains in miners. However, South Korean stocks struggled for direction, trading between gains and losses. Notably, the Kospi last sat above the flatline.
U.S. stocks rose on Thursday, led by chip stocks. The Dow Jones Industrial Average gained 349.44 or 1% to 34,707.94. The S&P 500 advanced 1.4% to close 4,520.16. The Nasdaq Composite gained 1.9% to 14,191.84.
