Chinese Tech Stocks Mostly Rose on March 28
Chinese tech stocks mostly strengthened their positions in mixed Asia-Pacific trading on March 28, with oil prices declining more than 3%.
Shares of Meituan jumped 11.56% and Tencent added 2.81%. On March 25, Meituan posted better-than-expected revenue for the last three months of 2021. Meituan’s revenue for the fourth quarter came in at 49.52 billion yuan ($7.78 billion). Its revenue surpassed expectations.
The Hang Seng Tech index added 2.62% to 4,491.01. However, some Chinese tech stocks suffered losses on March 28. Shares of JD.com fell 1.75% and SenseTime dropped 1.9%.
In Hong Kong, the Hang Seng index added 1.31% to end its trading day at 21,684.97.
Stocks in Asia-Pacific
However, the broader Asia-Pacific markets struggled for direction on March 28.
Mainland Chinese stocks were mixed on March 28. The Shanghai composite advanced 0.7% to finish its trading day at 3,214.50. The Shenzhen component dropped 1.017% to close at 11,949.94.
Data released over the weekend showed Chinese industrial profits rose in the first two months of 2022. Profits at the country’s industrial firms jumped 5.0% for the January to February period as compared with a year earlier, according to data released on Sunday.
Investors have been watching for clues on policy easing from officials amid concerns over the outlook for the world’s second-largest economy as China grapples with problems such as the worst outbreak since the initial height of the pandemic in 2020.
In Japan, the Nikkei 225 dropped 0.73% to close at 27,943.89. The Topix index fell 0.41% to finish its trading day at 1,973.37.
Moreover, South Korea’s Kospi was little changed on the day at 2,729.56.
In Australia, the S&P/ASX 200 closed slightly higher at 7,412.40 on March 28.
U.S. stocks rose on March 25. The Dow Jones Industrial Average gained 153.3 points, or 0.4% to 34,861.24. The S&P 500 advanced 0.5% to close at 4,543.06. The Nasdaq Composite dropped about 0.2% to 14,169.30.
All of them notched second consecutive winning streaks. The Dow gained 0.3% and the S&P 500 added 1.8%. The Nasdaq gained nearly 2% week to date.
