ASIA-PAC EQUITY WRAP: Asia-Pac stocks were mostly positive in rangebound, while Hong Kong techs stocks surged on Alibaba's plan for a six-way split
Analysis details (06:02)
Asia-Pac stocks were mostly positive albeit with most of the major indices rangebound following the uninspired lead from Wall St amid a lack of fresh macro drivers and heading into quarter-end, while Hong Kong markets significantly outperformed as tech stocks surge on Alibaba’s plan for a six-way split. ASX 200 (+0.2%) was kept afloat by strength in the commodity-related sectors and after softer-than-expected CPI data supported the case for the RBA to pause at next week’s meeting, although gains were limited by weakness in the top-weighted financial industry. Nikkei 225 (+0.7%) traded higher after Japan’s parliament passed a record JPY 114tln budget for FY23 and with policy makers also said to consider lowering mortgage rates for families with children. Hang Seng (+2.1%) and Shanghai Comp. (Flat) were varied with Alibaba front running the advances in Hong Kong as its plan for a split is seen to unlock value for shareholders and has spurred some speculation that its large tech peers could follow suit, while the mainland lagged despite the PBoC’s liquidity injection as frictions lingered regarding Taiwan President Tsai’s planned transit through the US and after the Biden administration added five Chinese companies to the entity list for allegedly aiding China's repression of Uyghurs.
29 Mar 2023 - 05:59- Fixed IncomeData- Source: Newsquawk
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