Asia Pacific stocks fall as investors watch Chinese tech stocks in Hong Kong


SINGAPORE – Asia Pacific stocks were lower in Friday morning trading as investors watch Chinese technology stocks in Hong Kong after regulatory concerns resurfaced.

South Korea’s Kospi was below the flatline in early trading. In Australia, the S & P / ASX 200 lost 0.18%.

MSCI’s broadest index for Asia Pacific stocks outside of Japan was down 0.07%.

The markets in Japan are closed on Friday due to a public holiday.

China tech stock watch

Investors will watch Chinese tech stocks in Hong Kong after Bloomberg News reported Beijing is considering harsh penalties for ride-hailing giant Didi. Planned penalties range from a fine likely higher than the record $ 2.8 billion Alibaba paid earlier this year to a forced delisting after Didi went public last month.

Didi’s shares in the States plummeted more than 11% on Thursday. In early July, the company had to stop registering new users and remove its app from Chinese app stores for allegedly collecting and using personal data.

This development came as Beijing continued its month-long crackdown on China’s tech giants, tackling issues ranging from antitrust law to data regulation.

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Overnight in the US, the Dow Jones Industrial Average rose 25.35 points to 34,823.35 while the S&P 500 rose 0.2% to 4,367.48. The Nasdaq Composite rose 0.36% to 14,684.60.

Currencies and oil

The US dollar index, which tracks the greenback versus a basket of its peers, stood at 92.805 – a level above 93 that was hit earlier this week.

The Japanese yen was trading at 110.12 per dollar, weaker than the levels below 109.6 seen against the greenback earlier this week. The Australian dollar changed hands at $ 0.738, above the sub-$ 0.732 level seen at the start of the trading week.

Oil prices were lower on the morning of Asian trading hours, with international benchmark Brent crude futures falling 0.23% to $ 73.62 a barrel. US crude oil futures slipped 0.24% to $ 71.74 a barrel.