Mainland Chinese Stocks Recovered After Days of Losses

It was a day full of challenges for stocks in Asia-Pacific. Stocks were mixed on Wednesday as mainland Chinese stocks recovered after days of losses. 

The Shanghai composite added 2.49% to finish its trading day at 2,958.28. In the meantime, the Shenzhen component jumped 4.372% to close at 10,652.90. The CSI 300, which tracks mainland-listed stocks, gained 2.94% to 3,895.54.

In Hong Kong, the Hang Seng index gained about 0.2%, as of its final hour of trading.

Hong Kong-listed shares of Chinese tech companies saw gains, as Meituan added 3.37%, Shares of Tencent rose 0.54%. The Hang Seng Tech index added about 2%, as of its final hour of trading. 

The country’s industrial profits rose 8.5% year-on-year in the January-March period, official data showed on Wednesday.

Chinese stocks are under pressure due to the pandemic. They saw heavy losses earlier this week as investors remain concerned regarding the pandemic in mainland China. The pandemic created problems for the country’s commercial hub. Apart from the city of Shanghai, the situation is also quite complicated in Beijing. Mass testing recently began in the country’s capital after a spike in Covid cases was reported over the weekend.

Stocks around the world

In Japan, the Nikkei 225 dropped 1.17% to end its trading day at 26,386.63. The Topix index fell 0.94% to 1,860.76.

 Shares of robot maker Fanuc declined 5.72%. Moreover, shares of Japanese conglomerate SoftBank Group fell 0.25%.

In South Korea, the Kospi fell 1.1% to close at 2,639.06. Shares of Samsung Electronics dropped more than 1% while Krafton plunged 4.02%. 

Australian stocks also declined on Wednesday, with the S&P/ASX 200 falling 0.78% to 7,261.20. 

U.S. stocks suffered losses on Tuesday. The Nasdaq Composite fell 3.95% to 12,490.74. The S&P 500 dropped 2.81% to 4,175.20. The Dow Jones Industrial Average declined 809.28 points or 2.38% to 33,240.18.