Stock News

Japan’s Nikkei surges nearly 2%; property shares in Hong Kong decline on tax fears


SINGAPORE — Stocks in Asia-Pacific were mixed on Tuesday after major indexes on Wall Street rose to record closing highs stateside.

Japanese stocks led gains regionally as the Nikkei 225 jumped 1.77% to close at 29,106.01 while the Topix index gained 1.15% to 2,018.40.

South Korea’s Kospi advanced 0.94%, closing at 3,049.08. South Korea’s gross domestic product grew 0.3% on a seasonally adjusted basis in the third quarter of 2021 as compared with the previous quarter, data showed Tuesday. That was lower than a median 0.6% growth expected in a Reuters survey.

Mainland Chinese stocks closed lower as the Shanghai composite slipped 0.34% to 3,597.64 while the Shenzhen component shedding 0.363% to 2,424.39. Hong Kong’s Hang Seng index shed 0.36% to close at 26,038.27.

In Australia, the S&P/ASX 200 rose slightly to close at 7,443.40.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.16%.

China property stocks fall on tax fears

Real estate stocks in Hong Kong declined in Tuesday trade amid fears that Beijing could tax property owners.

Shares of debt-ridden developer China Evergrande Group plunged 4.12% while China Vanke fell 4.66% and Country Garden dropped 4.3%. The Hang Seng Properties index slipped 1.61% to 31,148.49.

Those losses came after China’s top executive body was authorized over the weekend to conduct a property tax test for five years in unspecified regions.

EV battery maker stocks mostly surge

Shares of electric vehicle battery makers in Asia-Pacific soared on Tuesday after car rental firm Hertz announced it will be ordering 100,000 vehicles from Tesla by the end of 2022.

In Japan, Panasonic shares jumped 5.64%. South Korea’s LG Chem, owner of electric battery maker LG Energy Solution, gained 1.1%. Over in mainland China, however, shares of Contemporary Amperex Technology fell 2.092% after earlier surging more than 4%.

Electric vehicle stocks in Hong Kong also jumped, with shares of BYD rising 2.84% and Xpeng soaring 8.74%.

The Dow Jones Industrial Average and S&P 500 sailed to record closing highs on Monday. The Dow rose 64.13 points to 35,741.15 while the S&P 500 gained 0.47% to 4,566.48. The Nasdaq Composite also advanced 0.9% to 15,226.71.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.936 after a recent jump from below 93.6.

The Japanese yen traded at 114.01 per dollar, weaker than levels around 113.7 seen earlier against the greenback. The Australian dollar was at $0.7496, against an earlier low of $0.7482.

Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures slipping 0.23% to $85.79 per barrel. U.S. crude futures declined 0.3% to $83.51 per barrel.

— CNBC’s Evelyn Cheng contributed to this report.

Goldman, Morgan Stanley update their top stock picks as green investing booms

Previous article

Should You Buy the Dip in Beyond Meat Stock? Analyst Weighs In

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Stock News