Hong Kong Markets Gain During a Volatile Asia-pacific Day, While Softbank Shares Fall 14%

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Last Updated on November 14, 2022 by Bitfinsider

Hong Kong stocks led advances in a mixed Asia-Pacific day as SoftBank Group dragged down Japan’s benchmark index.

Hong Kong’s Hang Seng index surged 1.71 percent in the last hour of trading, driven primarily by property stocks. In mainland China, the Shanghai Composite lost 0.13 percent of its recent gains. The Shenzhen Component lost 0.236% as well.

Japan’s Nikkei 225 declined 1.06% to end at 27,963.47; the Topix fell 1.05% to settle at 1,955. Heavyweight SoftBank slumped as much as 14% as its Vision Fund announced further losses; the Topix fell 1.05% to close at 1,955.

The Australian S&P/ASX 200 lost 0.16 percent to conclude at 7,146.3, and the South Korean Kospi fell 0.34 percent to close at 2,474.65. The broadest MSCI index of Asia-Pacific shares excluding Japan rose 0.6%.

After U.S. consumer prices climbed less than anticipated and China announced some relaxing of its Covid measures, regional stocks ended the week higher. Since March 16, the Hang Seng index has experienced its best day.

Japan is scheduled to release GDP, trade, and consumer inflation data later this week, while Indonesia’s central bank will hold a monetary policy meeting. Alibaba and JD.com are anticipated to report earnings.

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