Hong Kong Leads Asian Markets Higher On Alibaba Boost
Mohammad Ali (@ChaudhryMAli88) Published March 29, 2023 | 07:58 PM
Asian stocks were broadly up on Wednesday to buck losses on Wall Street, led by massive gains for Chinese tech behemoth Alibaba after it announced it would split into six business groups
Hong Kong, (UrduPoint / Pakistan Point News - 29th Mar, 2023 ):Asian stocks were broadly up on Wednesday to buck losses on Wall Street, led by massive gains for Chinese tech behemoth Alibaba after it announced it would split into six business groups.
The Hangzhou-based firm said the changes were intended to "unlock shareholder value and foster market competitiveness".
Alibaba is one of China's most prominent tech firms, with operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
By 10 am Wednesday (0200 GMT), its Hong Kong-listed shares were up by nearly 14 percent. Its New York-listed shares were also up in the previous session.
"Investors could get hyped on the positive side in the short term," said Willer Chen, senior research analyst at Forsyth Barr Asia.
"Alibaba's shakeup plan may also lead investors to think of the potential for other tech firms like Tencent to follow suit." Tencent and Baidu also advanced, as did Tokyo-listed Softbank, which owns a large stake in Alibaba.
By mid-morning, the Hang Seng Index was up by more than two percent.
In Tokyo, the Nikkei 225 was up by just under half a percentage point, while Taipei and Bangkok also rose.
Shanghai and Sydney posted small losses.
Following a flattish day on European bourses Tuesday, US stock indices finished modestly lower, shrugging off a better-than-expected consumer confidence reading.
The closely watched consumer confidence index increased in March to 104.2 from 103.4 last month, The Conference Board said in a statement.
"While consumers feel a bit more confident about what's ahead, they are slightly less optimistic about the current landscape," said Ataman Ozyildirim, senior director for economics at The Conference Board.
All three major US indices declined, with the S&P 500 losing 0.2 percent.
The gains followed last week's rout over concerns that the turmoil in the sector -- which sparked the UBS takeover of Credit Suisse -- could hit other major institutions, such as German giant Deutsche Bank.
Bank of England governor Andrew Bailey, whose institution ramped up interest rates last week, sounded a note of caution over banking-sector upheaval.
"We are very vigilant. We are in a period of tension, tightness and alertness," he told a parliamentary committee on Tuesday.
He added: "My very strong view about the UK banking system is that it is in a strong position, both capital and liquidity wise."
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Business
-
Kitchen items’ prices ease as weekly inflation falls by 1.1%
47 minutes ago -
Shipping Activity at Port Qasim
2 hours ago -
Machinery equipment assembling grew by 70.98% in 08 months
3 hours ago -
Gold rates up by Rs.2,500 per tola to Rs245,000
3 hours ago -
Miner Anglo American rejects BHP's $38.8 billion takeover bid
4 hours ago -
Exchange rates for currency notes
6 hours ago
-
Foreign exchange rates
6 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
7 hours ago -
Today Gold Rate in Pakistan 26 April 2024
7 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
16 hours ago -
Pak-US officials engage to enhance trade, investment ties
17 hours ago -
Stocks fall as tech shares sink, US economy slows
18 hours ago