SINGAPORE. Hong Kong tech stocks lowered the overall market index on Monday due to mixed performance in Asian markets. SoftBank reported earnings after the Japanese market closed.
Alibaba fell 4.41% and JD.com fell 3.26%. The Hang Seng index closed down 0.77% to 20,045.77 points.
Shares in Hong Kong’s Cathay Pacific rose 1.42% after authorities announced that the quarantine period in hotels for travelers will be reduced from seven days to three days, but there will be a four-day monitoring period after the quarantine.
Oz Minerals shares rose 35.25% after the company rejected an A$8.34 billion ($5.76 billion) takeover bid from BHP Billiton.
The Japanese Nikkei 225 added 0.26% to 28,249.24 points, while the Topix rose 0.22% to 1,951.41 points.
SoftBank shares rose 0.74% ahead of Monday’s earnings, with the tech company’s Vision Fund posting a 2.93 trillion yen ($21.68 billion) loss in the June quarter.
The tech giant posted a total net loss of 3.16 trillion yen for the quarter, compared to a profit of 761.5 billion yen a year ago.
Shares in chip maker SK Hynix fell 2.23% on Monday after the Korea Herald reported that Yeoju, South Korea, is seeking more compensation in exchange for allowing the company to build pipes to transport large amounts of water to a plant in another city.
The mainland Chinese market performed well. The Shanghai Composite rose 0.31% to 3236.93 and the Shenzhen Composite rose 0.27% to 12302.15.
Over the weekend, China’s trade data for July showed US dollar-denominated exports up 18 percent year-on-year.
It was the strongest growth this year, beating analysts’ expectations of a 15 percent increase, according to Reuters.
China’s dollar-denominated imports rose 2.3% in July from a year earlier, falling short of expectations for a 3.7% rise.
In the US, non-farm payrolls posted 528,000 on Friday, well above expectations. US Treasury yields rose strongly as traders raised their Fed rate forecasts.
“The binary risk between a policy-driven recession and runaway inflation continues to rise; the risk of policy miscalculation is much higher,” Vishnu Varatan, head of economics and strategy at Mizuho Bank, wrote on Monday.
The US dollar index, which tracks the dollar against a basket of currencies, stood at 106.611 after a sharp rise after the release of employment data.
The yen traded at 135.31 against the dollar after the dollar strengthened. The Australian dollar was worth $0.6951.
U.S. oil futures rose 1.07% to $89.96 a barrel, while Brent crude rose 1.15% to $96.01 a barrel.
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