Mon. Dec 5th, 2022

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Asia-Pacific markets slip

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Asian Stocks

The broader Asia-Pacific stocks largely slipped.

Markets across Asia-Pacific traded mixed on Wednesday, as developments turned the focus on Chinese tech giants and regional energy stocks.

Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.17% while the Shenzhen component shed 0.746%. Hong Kong’s Hang Seng index dipped 0.87%.

A private survey showed services sector activity in China expanding at a slower pace in December, with the Caixin/Markit services Purchasing Managers’ Index coming in at 56.3. That compared against November’s reading of 57.8.

The 50 level in PMI readings separates expansion from contraction.

In Japan, the Nikkei 225 declined 0.57% while the Topix index traded slightly higher. South Korea’s Kospi shed 0.44%.

Stocks in Australia slipped, with the S&P/ASX 200 down 1.22%.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.35%.

Shares of Chinese tech giants Tencent and Alibaba were monitored by investors on Wednesday after U.S. President Donald Trump signed an executive order banning transactions with eight Chinese software applications. That included WeChat Pay and Ant Group’s Alipay. The order is only set to go into effect after Trump leaves office.

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