It was a positive day for technology shares in the region on Thursday. Hopefully, shares of famous tech companies saw gains on the day. However, before discussing technology shares, it is interesting to have a look at the stocks in Asia-Pacific.
Unfortunately, stocks struggled for direction on November 12 as tech shares in the region strengthened their positions after suffering losses on Wednesday.
For example, in Japan, the Nikkei 225 closed 0.68% higher at 25,520.88. At the same time, the Topix index ended its trading day 0.16% lower at 1,726.23.
South Korea’s dropped 0.41% to close at 2,475.62.
Moreover, mainland Chinese stocks were mixed on the day. The Shanghai Composite fell 0.11% to around 3,338.68. In the meantime, the Shenzhen Component advanced 0.524% to end its trading day at about 13,792.07.
Hong Kong’s Hang Seng index dropped 0.22% to finish its trading day at 26,169.38.
Interestingly, Australia’s S&P/ASX 200 fell 0.49% to 6,418.20.
Technology shares and coronavirus pandemic
As stated above, technology shares in the region rose on Thursday. On Wednesday, the sector bounded back on Wall Street and this factor helped to boost shares of tech companies.
Let’s have at the famous tech companies. It is worth mentioning that, Hong Kong-listed shares of Chinese tech firms mostly soared on November 12. For instance, shares of Tencent added 4.72%. Moreover, shares of smartphone maker Xiaomi jumped 3.56%.
Moreover, shares of JD.com soared 7.67%. Importantly, shares of the Chinese tech giant Alibaba also gained 1.85%. As a reminder, the moves came after the country’s tech giants fell on Wednesday amid potential anti-monopoly rules.
Also, in Japan, shares of Softbank Group added 1.49%. Interestingly, game maker Nintendo also jumped 3.4%. In South Korea, Kakao’s stock advanced 0.56%.
It is worth mentioning that, in recent sessions, investors moved out of technology as well as “stay-at-home” stocks in favor of cyclicals that would benefit from an economic recovery. Interestingly, that came after following a Monday announcement by Pfizer as well as BioNTech. According to this announcement, their coronavirus vaccine was more than 90% effective in preventing coronavirus among the people without evidence of prior infection.
However, the pandemic is not over yet, as the number of cases continues to rise in the U.S. and other countries. Unfortunately, it could take several months to get the coronavirus under the control around the world. Hopefully, scientists, companies, and officials are working hard to accomplish this goal.