Hong Kong stocks remained turbulent as mainland China markets continued to fall on Tuesday, although most shares in Asia-Pacific gained ground following US Wall Street’s second consecutive rally.
As of 9:35 AM Thai time, the Hang Seng index in Hong Kong had recovered from an initial loss of 1.54% to fall by 0.97%. The Hang Seng Index on Monday suffered its worst day since the financial crisis.
The Hang Seng index and Chinese tech stocks in the United States fell dramatically to begin the week, as investor sentiment shifted following China’s party conference and the release of a batch of delayed economic data.
The Shanghai Composite Index in China fell by 0.76%.
Concern that Xi’s consolidation of power could hinder the economy and destabilize geopolitics caused the offshore yuan to fall to its lowest level since trading began a decade ago. The fall continued after China’s central bank put the currency’s official fixing rate at its lowest level in 14 years.
The Nikkei 225 in Japan advanced 0.82%. The S&P/ASX 200 index in Australia gained 0.19%.
South Korea’s Kospi index began lower before trading flat compared to the previous session.
Overnight in the U.S., the Dow Jones Industrial Average climbed 417.06 points, or 1.3%, to close at 31,499.62. The S&P 500 rose about 1.2% and closed at 3,797.34. The Nasdaq Composite added nearly 0.9% to end at 10,952.61.
