Sun, August 14, 2022

Hang Seng Index Jumped on Wednesday Thanks to Tech Stocks

Stocks on Monday

Chinese markets saw gains on the day, tracking gains in other Asia-Pacific markets. 

In Hong Kong, the Hang Seng index jumped 2.79% to end its trading day at 24,402.17. The Hang Seng tech index added nearly 5%, with Tencent rallying 4.52%. On Wednesday, Alibaba added 5.89%, Meituan gained 9.33%, and J.D. added 11.05%.

Mainland Chinese stocks also rose on Wednesday. The Shanghai composite advanced 0.84% to finish its trading day at 3,597.43. The Shenzhen component gained 1.39% to close at 14,421.19.

Last month, China’s consumer price index gained 1.5% compared to a year ago. One month earlier, the consumer price index rose 2.3%. 

Factory prices rose 10.3% from a year earlier, slowing from the 12.9% rise in November.

In Japan, the Nikkei 225 added 1.92% to 28,765.66. The Topix advanced 1.64% to close at 2,019.36. Tech stocks rose on Wednesday, and SoftBank was higher by 6.03%.

South Korea’s Kospi added 1.54% to 2,972.48. The Kosdaq gained 2.21% to 991.33.

In Australia, the ASX 200 added 0.66% to close at 7,438.90. On Wednesday, gold mines gained as Kingsgate Consolidated jumped more than 11%, while Evolution Mining advanced 2.85%, and Newcrest added 2.32%. 

U.S. stocks on Tuesday 

U.S. stocks rose on Tuesday. The Nasdaq Composite added 1.41% to 15,153.45, building on an afternoon rally that snapped a four-day losing streak from the previous session. 

The S&P 500 added 0.92% to 4,713.07. On Tuesday, the Dow Jones Industrial Average gained 183.15 points or 0.51% to close at 36,252.02. 

Large-cap tech stocks helped boost the broader market on Tuesday, with Amazon rising 2.4% and shares of Apple and Nvidia gaining roughly 1.7% and 1.5%, respectively. Illumina jumped 17% after the company issued a 2022 revenue outlook that was ahead of consensus. 

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