Asia stocks were mixed Wednesday, as Chinese technology stocks faltered after a short-term rally
Stock market today: Asia stocks mixed as Chinese technology stocks slipBy ZEN SOOAP Business WriterThe Associated PressHONG KONG
HONG KONG (AP) — Asia stocks were mixed Wednesday, as Chinese technology stocks faltered after a short-term rally.
The Hang Seng Index fell 0.27% to 22,915.70, while the Shanghai Composite was up 0.81% to 3,351.54. Japan’s Nikkei 225 slipped 0.27% to 39,164.61, following U.S. President Donald Trump’s threat to impose a 25% tariff on car imports that if implemented would adversely impact Japan’s economy.
Meanwhile, South Korea’s KOSPI gained 1.7% to 2,671.52. Australia’s S&P/ASX 200 was down 0.73% to 8,419.20.
China’s technology stocks slumped Wednesday after a brief bull run earlier in the week. Alibaba’s Hong Kong-traded stock fell 1.58%, while search engine giant Baidu fell 2.33% after it reported a 2% drop in revenue for its fourth quarter compared to a year earlier as artificial intelligence rivalry heats up in China.
Chinese video games firm Tencent saw its stock slip 1.37% while online services firm Meituan declined 3.24%.
“Hong Kong and mainland China led the sell-off, deflating some of the air from the risk-on balloon that had been floating Asia’s market rebound,” said Stephen Innes, managing partner of SPI Asset Management.
“Japanese stocks followed suit, with automakers Toyota and Honda taking a hit after Trump lobbed fresh threats — this time targeting autos, semiconductors, and pharmaceuticals with potential 25% tariffs,” he added.
The decline in Chinese technology stocks came even as U.S. stocks crept to a record as the S&P 500 nudged higher on Tuesday.
The main measure of Wall Street’s health rose 0.2% to finish just above its all-time closing high set last month.
The Dow Jones Industrial Average added 10 points, or less than 0.1%, while the Nasdaq composite rose 0.1%.
In energy trading, benchmark U.S. crude added 43 cents to $72.26 a barrel. Brent crude, the international standard, rose 40 cents to $76.24 a barrel.
In currency trading, the U.S. dollar weakened to 151.71 Japanese yen from 152.01 yen. The euro cost $1.0455, up from $1.0446.
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AP Business Writer Stan Choe in New York contributed.
