HONG KONG, Feb 9 ― Asian shares advanced today with tech stocks particularly catching a lift following a strong session on Wall Street, while US treasury yields held near multi-year highs ahead of closely watched inflation data this week.
MSCI's broadest index of Asia-Pacific shares outside Japan added 1 per cent to its highest in two weeks, helped by a 3 per cent gain in Hong Kong-listed tech stocks.All three main Wall Street indexes closed higher with tech stocks including Apple Inc and Microsoft Corp jumping, as did bank stocks supported by the prospect of higher US interest rates.
Gains in Hong Kong financials and tech stocks meant the local benchmark rose 2 per cent, unfazed by tighter restrictions to combat a new wave of Covid-19.However, focus on US inflation figures due yesterday is likely to cap further gains. Higher yields typically cause investors to move out of so called growth stocks, particularly technology names, into value stocks.