SINGAPORE — Hong Kong-listed shares of Alibaba tanked in Wednesday trade after the anticipated initial public offering of affiliate Ant Group was suspended amid regulatory concerns.
By Wednesday afternoon Hong Kong time, shares of Alibaba in Hong Kong plummeted 6.2%. Alibaba owns a roughly 33% stake in Ant Group.
On Monday, the Chinese central bank and regulators issued new draft rules for online micro-lending, which could affect Ant Group. Ant Group was looking to raise just under $34.5 billion in what would have been the world's biggest IPO, with a dual listing in Shanghai and Hong Kong initially planned for Thursday.
The broader Hang Seng index in Hong Kong was below the flatline.
Asia-Pacific markets higher
Meanwhile, stocks in other major Asia-Pacific markets were higher in Wednesday trade.
Mainland Chinese stocks edged higher, with the Shanghai composite above the flatline while the Shenzhen component advanced 0.306%.
In Japan, the Nikkei 225 rose 2.09% while the Topix index advanced 1.51%. South Korea's Kospi were 0.75% higher.
Shares in Australia advanced, as the S&P/ASX 200 gained 0.13%.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1%.
Oil prices were higher in the afternoon of Asian trading hours, with international benchmark Brent crude futures up 2.47% to $40.69 per barrel. U.S. crude futures also gained 2.6% to $38.64 per barrel.
Economic data releases
On the economic data front, Australia's retail turnover fell 1.1% in September 2020 on a seasonally-adjusted basis, according to the country's Bureau of Statistics.
Following that data release, the Australian dollar changed hands at $0.7115, after an earlier high of $0.7221.
A private survey also showed China's service sector activity growing in October, with the Caixin/Markit services Purchasing Managers' index coming in at 56.8. PMI readings above 50 signify expansion, while those below that indicate contraction. PMI readings are sequential and represent on-month expansion or contraction.
U.S. election watch
Investor focus on Wednesday was also likely on the U.S. presidential election between incumbent Donald Trump and former Vice President Joe Biden.
"We consider the election result is very uncertain despite former Vice President Biden's large lead in the national polls," Joseph Capurso, head of international economics at Commonwealth Bank of Australia, wrote in a note. "The uncertainty about the outcome of the election and the risk of an inconclusive result on the day can lift currency volatility."
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.967 following an earlier low of 93.092.
The Japanese yen, often seen as a safe-haven currency, traded at 105.07 per dollar after seeing an earlier high of 104.35 against the greenback.
— CNBC's Arjun Kharpal contributed to this report.
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November 04, 2020 at 06:41AM
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Alibaba falls after Ant IPO suspended; Asia-Pacific stocks higher as U.S. election results trickle in - CNBC
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