alexa certify

Stocks in Asia Declined as Investors Abandoned Tech Stocks

Most stocks in Asia-Pacific suffered losses on Tuesday due to pressure caused by a sell-off in tech stocks that weighed down main U.S. indexes overnight. Stocks in Taiwan led losses across the region, with the benchmark Taiex finishing the trading session 3.79% lower.

In Japan, the Nikkei 225 fell 3.08% and the Topix index declined 2.37%. South Korea’s Kospi dropped 1.23%.

In Australia, the ASX 200 fell 1.06% ahead of the government’s budget announcement on May 11.

Hong Kong’s Hang Index dropped 2% in later afternoon trade as Chinese tech stocks declined. Shares of food delivery giant Meituan fell about 6% as authorities in Beijing continued to clamp down on internet firms.

In mainland China, the Shanghai composite added 0.4% and the Shenzhen composite gained around 0.36%.

On Tuesday, China released information regarding consumer prices in April. The consumer prices jumped 0.9% from a year ago, slightly missing expectations. Nevertheless, the producer price index rose 6.8%, surpassing the 6.5% projected by analysts.

The country’s gross domestic product (GDP) expanded by a record 18.3% in annual terms in the first quarter of the year. The world’s second-largest economy continues to recover from the devastating impact of Covid-19. Many economists expect the country’s GDP growth to surpass 8% in 2021.

The country also released results from its once-a-decade census. The information is quite problematic, as the country’s population only increased by 0.53% over the past 10 years.

Stocks in Malaysia and the Philippines

Southeast Asian countries Malaysia, as well as the Philippines, reported first-quarter gross domestic product data. Malaysia’s economy fell by 0.5% in the January-to-March quarter compared with a year ago.

The economy of the Philippines shrank 4.2% on year, more than the 3% contraction expected by analysts.

Stocks in Malaysia declined 0.62% while that in the Philippines were higher by around 0.15%.

  • Support
  • Platform
  • Spread
  • Trading Instrument
User Review
0 (0 votes)

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.

You might also like

Leave a Reply

Subscribe to Our Newsletters

Have the best of Finance Brokerage News delivered directly to your mailbox. Subscribe now to receive the latest market news.