Hong Kong’s Hang Seng leads gains in Asia; Alibaba shares rose

SINGAPORE – Shares in the Asia-Pacific region were higher in Friday morning trade, as investors watched stocks Ali Baba in Hong Kong after the Chinese technology giant reported better-than-expected fourth-quarter earnings on Thursday.

In Friday morning trading, shares Ali Baba Hong Kong jumped 12.7% after Thursday reporting fourth-quarter earnings of 7.95 yuan ($1.18) per share, excluding items, on revenue of 204.05 billion yuan ($30.28 billion).

That was higher than analysts’ expectations for earnings of 7.31 yuan per share on revenue of 199.25 billion yuan, according to StreetAccount.

Other Chinese technology stocks in the city also saw significant gains, with Tencent It rose by 2.93% while Netease It rose 3.27%. the widest Hang Seng Index In Hong Kong it rose 3.04%.

Mainland China shares were also trading higher, with Shanghai boat rose 0.55% while Shenzhen Component 0.934% advance.

Chinese authorities held Unprecedented nationwide teleconference on Wednesday In an effort to boost the economy hit by the Covid virus, with Prime Minister Li Keqiang warning of difficulties “greater than the severe shock of the epidemic in 2020.”

“Premier Lee directives to the local [officials] A better balance between COVID controls and economic growth, which has been cited as key to solving all problems, (from employment to livelihoods and COVID containment), Vishnu Varathan of Mizuho Bank said in a note on Friday, paving the way for a promising transformation.

β€œThe problem is that this is an attempt at pain relief, but it is not a completely panacea for self-harm,” said Vishnu, the company’s head of economics and strategy.

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The Nikkei 225 In Japan it gained 0.73% of the conglomerate’s shares SoftBank Group It jumped 4.47%. Topix advanced 0.46%. South Korea Cosby It also jumped 1.05%.

in Australia , S & P / ASX 200 It jumped 1.07%. Australian retail sales rose 0.9% in April to “another record high,” according to a media statement released Friday from the country’s statistics office.

After the data is released, a file is released Australian dollar It changed hands at $0.7125, and continued to hold above the $0.705 level which temporarily declined below it earlier in the week.

MSCI’s broadest index of Asia Pacific shares outside Japan was trading at 1.75%.

Currency and oil

The US dollar indexwhich measures the greenback against a basket of peers, was at 101.483 – beating levels above 102.2 seen earlier in the week.

The Japanese Yen It traded at 126.77 per dollar, still stronger than the levels above 127.8 seen against the dollar earlier this week.

Oil prices rose in the morning from Asian trading hours, with the international standard Brent crude futures contracts It rose about 0.4% to $117.84 a barrel. US crude futures contracts It is up 0.17%, and is trading at $114.28 a barrel.

CNBC’s Samantha Soobin contributed to this report.

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