Asian Traders Take Breather, Hong Kong Slips After Huge Surge

Sumaira FH Published March 18, 2022 | 08:40 AM

Hong Kong, (UrduPoint / Pakistan Point News - 18th Mar, 2022 ) :Asian equities were mixed Friday as investors took a breather from a strong rally, with Hong Kong giving up some of the colossal gains fuelled by China's support pledge.

After a painful start to the week, global stocks have enjoyed a massive bounce in the past few days thanks to optimism over peace talks between Moscow and Kyiv.

And while the Federal Reserve announced the first of what many think will be seven interest rate hikes this year, traders have largely accounted for a period of tighter monetary policy.

Hong Kong dropped more than one percent, having clocked up a mammoth 16 percent on Wednesday and Thursday after China's top economic official vowed measures to support beaten-down markets and indicated a regulatory drive against the tech sector was nearing its end.

A gauge of tech firms in Hong Kong also fell after seeing breakneck gains.

There were also losses in Seoul, Singapore, Taipei, Manila and Jakarta, though Tokyo, Shanghai, Sydney and Wellington were in positive territory.

But while the extreme volatility that has characterised markets since Russia's invasion three weeks ago has died down for now, commentators remain cautious.