Most Asian stocks rose on Wednesday with Hong Kong shares rebounding sharply on strength in local technology names, while losses in Softbank Group, after it sold its entire stake in Nvidia, hampered Japan’s Nikkei index.
Regional markets took some positive cues from Wall Street’s overnight session, where cyclicals and economically sensitive sectors advanced on hopes that a prolonged U.S. government shutdown will end this week. Tech lagged, with NVIDIA Corporation (NASDAQ:NVDA) losing 2.9% after the Softbank sale.
S&P 500 Futures rose 0.2% with focus squarely on a Wednesday vote to reopen the government.
Hong Kong stocks surges on tech strength
Hong Kong’s Hang Seng index was among the better performers in Asia, rising 1% in morning trade.
The index was supported chiefly by gains in tech and health-tech stocks, with Jd Health International (HK:6618) and Alibaba Health Information Technology Ltd (HK:0241) up 5.8% and 3.6%, respectively.
Electronics giant Xiaomi Corp (HK:1810) rose 3.8% after data from the China Passenger Car Association showed the company’s YU7 beat the Tesla Inc (NASDAQ:TSLA) Model Y for the first time in October.
Xiaomi sold a total 48,654 EVs in October, of which 33,662 were the YU7. This figure was higher than Tesla’s total China sales in China, of 26,006 vehicles.
Wednesday’s gains put the Hang Seng at an over one-month high, and back in sight of peaks hit in early-October.
Source: Investing.com