SINGAPORE – Stocks in major Asia-Pacific markets were mixed on Thursday, although technology stocks in the region suffered a blow following an overnight liquidation in the sector on Wall Street.
In Japan, the Nikkei 225 rose 1.14% to close at 28,729.88, while the Topix index gained 1.4% to end its trading day at 1,955.55. South Korea’s Kospi closed 0.4% higher at 3,008.33.
Mainland China shares were mixed on the day, with the Shanghai component falling 0.1% to 3,363.59, while the Shenzhen component advanced 0.103% to 13,421.16. Hong Kong’s Hang Seng index closed down at 27,899.61.
The S & P / ASX 200 in Australia closed 0.17% higher at 6,790.60.
The broader MSCI index for Asia Pacific stocks outside Japan fell 0.16%.
Technology stocks fall
Shares of Chinese smartphone maker Xiaomi, listed in Hong Kong, plunged 4.4% on Thursday. The losses occurred despite the company reporting a 36.7% increase in its fourth quarter net profit on Wednesday. Adjusted net income for the three months ended December 31 was about 3.2 billion yuan (about $ 490 million). This was above analysts’ expectations of 2.9 billion yuan, according to Reuters.
Other Chinese technology stocks also fell. The shares of Chinese search giant Baidu, listed in Hong Kong, plunged 9.65%, just days after a silent debut in the city. Tencent fell 2.81% while Alibaba fell 3.91%.
The pressure on Chinese technology stocks came when the U.S. Securities and Exchange Commission announced on Wednesday the adoption of measures that would remove foreign companies from US stock exchanges if they did not meet US audit standards. This could have an impact on Chinese dual-list companies like Baidu and Alibaba.
Technology stocks in other parts of the region have also decreased. In Japan, the shares of the Softbank Group conglomerate fell 2.84%. South Korean chip maker SK Hynix also fell 0.37%.
The moves came after tech stocks were sold overnight in the United States, with the Nasdaq Composite falling 2.01% to 12,961.89.
The S&P 500 also fell 0.55% to close at 3,889.14, while the Dow Jones Industrial Average fell 3.09 points to end its trading day at 32,420.06.
Oil prices fall
Oil prices fell on the afternoon of trading in Asia, with international benchmark Brent oil futures falling 1.34% to $ 63.55 a barrel. US oil futures contracts fell 1.59% to $ 60.21 a barrel.
The US dollar index, which tracks the US dollar against a basket of its peers, was at 92.667, after rising from below 92 levels earlier in the week.
The yen traded at 109.10 per dollar, weaker than levels below 108.6 against the dollar seen earlier this week. The Australian dollar changed hands at $ 0.7598, compared to levels above $ 0.765 seen earlier in the week.