“Plunge” 3% registers the Hang Seng index Hong Kong after news that China fined Tencent and Alibaba, tech-weighted Hang Seng Tech fell 4.16%.
In particular, Beijing fined several companies, including tech giants Alibaba and Tencent, for failing to comply with antitrust rules on disclosure of transactions, according to Reuters. Hong Kong-listed Alibaba and Tencent slipped 6.45% and 3.18% respectively.
Casino shares in Hong Kong also plunged after news that almost all commercial and industrial businesses in Macau will close for a week in an effort to stop the spread of Covid-19.
Wynn Macau lost 6.68%, Sands China 7.61% and Melco International Development 7.13%.
In mainland Chinathe Shanghai Composite is down 1.45%, while Shenzhen is down 2.4%.
Concerns about the spread of Covid-19 are intensifying in China as Shanghai has reportedly discovered a new sub-variant of Omicron.
China’s producer index rose 6.1 percent in June compared with the same period a year ago, according to official data released on Saturday. That performance was slightly better than expected, according to a Reuters poll, but worse than May’s figure of 6.4 percent.
Consumer price inflation climbed 2.5 percent in June from a year earlier, slightly higher than the 2.4 percent forecast by a Reuters poll.
In Japan, the Nikkei 225 added 2%, while the Topix gained 1.43%. In the political developments of the country, the ruling Liberal Democratic Party secured an absolute majority in the upper house of Japan in the elections held yesterday, under the heavy shadow of the assassination of the former prime minister and leader of the Japanese right-wing faction Shinzo Abe.
In Australia Australia’s S&P/ASX 200 lost 0.97%, while at South Korea the Kospi is down 0.18% and the Kosdaq is in positive territory at +0.27%.
Its broadest index MSCI for Asia-Pacific shares outside Japan were lower by 1.63%.
Source: Capital
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