Stocks in Asia were mostly higher on Friday after a broad rally on Wall Street, as investors kept an eye on the spread of the Omicron variant of SARS-CoV-2 and measures governments are taking to restrain its spread.
Chinese ride-hailing service Didi Global Inc (滴滴出行) on Friday said it would pull out of the New York Stock Exchange and shift its listing to Hong Kong as the Chinese Communist Party tightens its control over tech industries.
The US Securities and Exchange Commission has moved to require that US-listed foreign stocks such as Didi disclose their ownership structures and audit reports, which could lead to some of them being delisted.
Photo: Reuters
In another blow for China’s troubled property sector, Hong Kong-traded developer Kaisa Group said that it had failed to obtain approval from bond holders to extend the deadline for a US$400 million debt swap designed to avert default.
Hong Kong’s Hang Seng lost 0.09 percent to 23,766.69, declining 1.3 percent for the week.
In Taipei, the TAIEX closed down 27.74 points, or 0.16 percent, at 17,697.14 on turnover of NT$325.266 billion (US$11.73 billion). It rose 1.89 percent from a week earlier.
In Japan, the Nikkei 225 regained lost ground, gaining 1 percent to 28,029.57, but posted a weekly decline of 2.51 percent, while the broader TOPIX rose 1.63 percent to 1,957.86, losing 1.37 percent from a week earlier.
In Seoul, the KOSPI climbed 0.78 percent to 2,968.33, up 1.09 percent weekly, while Sydney’s S&P/ASX 200 added 0.22 percent to 7,241.2, but lost 0.52 on the week.
The Shanghai Composite Index gained 0.94 percent to 3,607.43, increasing 1.22 percent from a week earlier.
India’s SENSEX dropped 1.31 percent to 57,696.46, but rose 1.03 percent weekly.
The recent rebound could prove to be short-lived, Oanda Corp senior market analyst said in a commentary.
“Early signs aren’t promising given the rate of case increases in South Africa and the fact that Omicron is already popping up in numerous other countries,” Erlam said.
Investors might be “hoping for positive news on the vaccine effectiveness against the new strain and taking advantage of these levels before it’s too late. If they don’t get the news they’re hoping for, we could see another sharp move lower,” he said.
Additional reporting by staff writer, with CNA
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