Taiwan rout fails to rattle HK and mainland

Business | Winnie Lee 13 May 2021

Shares in Asia slid yesterday with Taiwan's benchmark index plunging as much as 8.6 percent or 1,400 points but Hong Kong and China stocks rose.

The Hang Seng Index rebounded 0.78 percent or 217.23 points to 28,231 points after a plunge on Tuesday.

Xiaomi (1810) surged 6.1 percent after it was removed from a US blacklist without the need for a contested briefing, and was the best performer among the blue chips.

Alibaba (9988) jumped 6.07 percent ahead of its financial results due today, and Tencent (0700) rose 2.4 percent as its mobile games Arena of valor and PUBG Mobile continued to take the first two spots in terms of revenue as the Hang Seng Tech Index recovered 2.76 percent to 7,861 points.

However, mainland developers' shares fell after the Ministry of Finance held a discussion on real estate tax on Tuesday. Longfor (0960) fell by 3.48 percent, the worst performer among blue chips while Sunac China (1918) fell 2.17 percent.

In China, the Shanghai Composite index was up 0.61 percent at 3,462.75, its biggest single-day jump since April 19, while the blue-chip CSI300 index was up 0.43 percent.

The Taiwan Capitalization Weighted Stock Index saw its largest fall in a single day before closing 4.11 percent lower on worries over an acceleration in Covid cases.

Meanwhile, the three major US indexes opened lower between 0.4 and 1.5 percent as of 9.40pm after April's inflation rate of 4.2 percent was faster than expected.

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