Hong Kong-listed Shares of Xiaomi Added More Than 6%
Shares of Xiaomi added more than 6% on March 26. However, before discussing shares of this company, let’s have a look at stocks in Asia-Pacific. Hopefully, stock strengthened their positions on Friday, with shares in mainland China as well as Japan among the biggest gainers regionally.
Interestingly, the Shanghai composite added 1.63% to end its trading day at 3,418.33. At the moment, the Shenzhen component gained 2.597% to close at 13,769.68.
Moreover, Hong Kong’s Hang Seng index added 1.57% to 28,336.43.
In Japan, the Nikkei 225 gained 1.56% to close at 29,176.70. In the meantime, the Topix index advanced 1.46% to finish its trading day at 1,984.16.
Furthermore, South Korea’s Kospi added 1.09% to 3,041.01.
In Australia, the S&P/ASX 200 gained 0.49% to end its trading day at 6,824.20.
Let’s have a look at the comments made by Federal Reserve Chairman Jerome Powell. According to Powell, fiscal support from Congress and accelerated vaccine distribution helped the U.S. to recover faster than expected. Moreover, at some point, that will allow the Federal Reserve to dial back the help it provided.
As a reminder, in the wake of Covid-19 lockdowns just over a year ago, the Federal Reserve reduced benchmark short-term borrowing rates to near zero. Moreover, Congress approved more than $4 trillion in stimulus over the past year. Moreover, Congress is looking at possibly another $3 trillion in future spending.
On Thursday, the Dow Jones Industrial Average added 199.42 points to close at 32,619.48. Also, the S&P 500 0.52% to 3,909.52. Moreover, the Nasdaq Composite advanced 0.12% to 12,977.68.
Shares of Xiaomi on Friday
As stated above, shares of Xiaomi added more than 6% on Friday. Interestingly, Hong Kong-listed shares of Xiaomi and Great Wall Motor added 6.28% and 10.38% respectively. According to the people with direct knowledge of the matter, Xiaomi plans to make electric vehicles using Great Wall’s factory.
However, shares of Baidu in Hong Kong fell 5.56% on Friday. Interestingly, the firm saw a muted debut in the city earlier this week. Moreover, shares of Chinese tech giant Alibaba listed in Hong Kong dropped 2.26%.
It is no secret that major dual-listed Chinese tech companies like Baidu and Alibaba have come under pressure in recent sessions. Interestingly, the U.S. Securities and Exchange Commission adopted a law called the Holding Foreign Companies Accountable Act. This decision has the potential to create challenges for foreign companies.
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