Stocks in Asia-Pacific were mixed on March 14 as investors analyzed a Covid wave in China. In the meantime, oil prices continued to be volatile amid the Russia-Ukraine war.
In Hong Kong, the Hang Seng index fell 4.97% to finish its trading day at 19,531.66, leading to losses among the region’s major markets as Chinese tech stocks suffered serious losses. Tencent declined 9.79%, Alibaba fell 10.9%, and Meituan dropped 16.84%. On March 14, the Hang Seng Tech index declined 11.03% to 3,778.60.
Mainland Chinese stocks fell on March 14. The Shanghai Composite dropped 2.6% to finish its trading day at 3,223.53. The Shenzhen component fell 3.083% to 12,063.63.
The People’s Republic of China is currently undergoing a wave of Covid infections. Authorities are trying to cope with the worst outbreak since China clamped down on the pandemic in 2020. Major cities including Shenzhen are trying to limit business activity.
Shares of Foxconn dropped 0.97%. The company’s shares declined as Apple’s major supplier announced on Monday it suspended operations in the country’s Shenzhen city to comply with local Covid restrictions. On March 14, Taiwan’s Taiex ended the trading day little changed at 17,263.03.
In South Korea, the Kospi declined 0.85%. The S&P/ASX 200 in Australia added 1.21% to 7,149.40.
In Japan, the Nikkei 225 advanced 0.58% to end its trading day at 25,307.85. The Topix index added 0.71% to 1,812.28.
Stocks and Russia’s problems
It is no secret that the Russian Federation is struggling to deal with various challenges. For example, Russian stocks declined after Russia invaded Ukraine.
Its central bank said on March 12 that it is prolonging the suspension of stock trading on the Moscow Exchange to March 18.
As a reminder, stock trading on the Russian horse has been halted for more than two weeks amid the country’s invasion of Ukraine.