Business Maverick: Asian stocks edge up and Hong Kong tech shares seesaw: markets wrap

📆 23/11/2022 11:05:00
📰 dailymaverick

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Equities advanced in Asia following a rally on Wall Street, while Hong Kong-listed technology stocks fluctuated amid speculation that China’s regulatory crackdown on the sector may be closer to ending.

An index of Asian shares rose, led by gains in Australia and South Korea after the S&P 500 closed at its highest level since mid September. Sentiment was bolstered by comments from Federal Reserve officials that signalled a willingness to slow rate hikes, and by upbeat earnings from Best Buy Co and Abercrombie & Fitch Co.

Hong Kong tech shares seesawed as investors weighed the implications of a report that Ant Group Co faces a fine of more thanfrom China’s central bank. The news triggered speculation that this could mark a potential end point of the government’s clampdown on tech and may allow Alibaba Group Holding Ltd to rekindle efforts to list Ant shares.

The dollar was little changed against most of its major peers. New Zealand’s currency and government bond yields climbed after the country’s central bank

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