Hong Kong’s Hang Seng index soars more than 2% in mixed Asia-Pacific trading day

SINGAPORE — Shares in Asia-Pacific were mixed in Friday trade, following heavy losses overnight on Wall Street that saw the tech-heavy Nasdaq Composite plunging nearly 4%.

Hong Kong’s Hang Seng index led gains among the region’s major markets, rising 2.22% in morning trade, with shares of HSBC in the city rising about 4%.

Markets in Hong Kong returned to trade on Friday after being closed for most of this week due to the Lunar New Year holidays. Over in mainland China, markets remain closed on Friday for the holidays.

South Korea’s Kospi jumped 0.75%.

Elsewhere, the Nikkei 225 in Japan sat below the flatline while the Topix index dipped 0.12%. The S&P/ASX 200 in Australia declined 0.2%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.64% higher.

Wall Street drop

The major averages fell overnight stateside, with the tech-heavy Nasdaq Composite plummeting 3.74% to 13,878.82 — its worst day since September 2020.

The S&P 500 also saw significant losses, declining 2.44% to 4,477.44 while the Dow Jones Industrial Average slipped 518.17 points, or 1.45%, to 35,111.16.

U.S. stock futures later pointed to a reversal of some of those losses, following strong quarterly results from tech companies like Amazon and Snap. Dow futures climbed about 150 points. S&P 500 futures gained 0.84% while Nasdaq 100 futures jumped 1.56%.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 95.261 — having declined from above 96.6 earlier in the week.

The Japanese yen traded at 114.82 per dollar, weaker than levels below 114.5 seen against the greenback yesterday. The Australian dollar was at $0.7136, largely holding on to gains after its rise from below $0.702 earlier in the trading week.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures rising 0.45% to $91.52 per barrel. U.S. crude futures gained 0.62% to $90.83 per barrel.

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