Shares of Chinese Tech Giants on Thursday

China is home to many world-famous such as tech giants Alibaba and Tencent. Interestingly, shares of Chinese tech firms in Asia jumped on November 5, after robust gains seen overnight on Wall Street for the tech-heavy Nasdaq Composite. 

Importantly, shares of Alibaba listed in Hong Kong jumped 6.28% on the day. As a reminder, the stock’s gain came after a 7% tumble on Wednesday. Unfortunately, the anticipated initial public offering of its affiliate Ant Group was suspended due to regulatory concerns. People should take into account that Alibaba owns a roughly 33% stake in Ant Group. 

Moreover, shares of Chinese tech giant Tencent also saw gains on the day, as shares of Tencent added 6.2%, while the Hang Seng Tech index soared 5.45% to close at 8’181.62. 

Let’s have a look at shares of Softbank Group. Interestingly, in Japan shares of Softbank Group soared 5.13%. Moreover, Kakao Games shares in South Korea advanced 4.15%. 

Chinese stocks and U.S. election

It was good for stocks in Asia-Pacific. Importantly, stocks strengthened their positions as investors continued to wait for the result of the U.S. election. It is worth mentioning that, Hong Kong’s Hang Seng index led gains among the region’s major markets and jumped 3.25% to close at 25’695.92.

Moreover, mainland Chinese stocks were also higher on the day. The Shanghai Composite added 1.3% to about 3’320.13. At the same time, the Shenzhen Component gained 1.72% to 13’894.26.

Also, shares in Australia rose, the S&P/ASX 200 added 1.28% to close at 6’139.60. Interestingly, Australia’s exports of goods and services in September roe 4% month-on-month on a seasonally adjusted basis. This information came from the country’s Bureau of Statistics. 

It is not surprising to mention that, investor focus remained on the U.S. election. People should keep in mind that, several states could take until later this week to complete official tallies. 

Investors are waiting for the final result. The next president has to deal with numerous issues. The coronavirus pandemic continues to dominate the headlines, and the country has the highest number of infections in the world for a long period of time. Moroever, the pandemic is far from being over, and it will continue to affect many sectors in the future. For example, in the case of the airline industry, it could several years to return to the pre-coronavirus levels. The U.S. government should work with lawmakers to reach an agreement regarding the stimulus package as soon as possible.