Asia report: Tech shares in focus on mixed day for region

Stock markets closed mixed in the Asia-Pacific region on Tuesday, with technology shares in focus.

In Japan, the Nikkei 225 was up 0.13% at 27,284.52, as the yen weakened 0.17% against the dollar to last trade at JPY 115.30.

Robotics specialist Fanuc was up 1.37% and Uniqlo owner Fast Retailing added 0.16%, while technology investment giant SoftBank Group lost 0.9%.

SoftBank’s losses came after it revealed plans to take British semiconductor firm Arm public, following the collapse of its planned sale to American graphics chip giant Nvidia.

It cited “significant regulatory challenges” as to why the deal with Nvidia would not go ahead.

“Regulators everywhere expressed concern - now do we see a bumper London listing for the UK company?”, asked Markets.com chief market analyst Neil Wilson.

“Eyes down for any reaction in chipmakers today in the US.”

The broader Topix index added 0.42% by the end of trading in Tokyo, closing at 1,934.06.

On the mainland, the Shanghai Composite was 0.67% firmer at 3,452.53, and the smaller, technology-centric Shenzhen Composite was 0.24% weaker at 2,280.51.

South Korea’s Kospi eked out gains of 0.05%, or just 1.41 points, to 2,746.47, while the Hang Seng Index in Hong Kong lost 1.02% to 24,329.49.

Tech plays were in the red in the special administrative region, with Alibaba Group down 3.3%, Meituan losing 2.13%, and Tencent Holdings 1.67% weaker.

The blue-chip technology stocks were on the front foot in Seoul, however, with Samsung Electronics up 0.68% and SK Hynix rising 1.63%.

Oil prices were well below the waterline as the region went to bed, with Brent crude last down 2.07% at $90.77 per barrel, and West Texas Intermediate losing 1.82% to $89.66.

In Australia, the S&P/ASX 200 was up 1.07% at 7,182.70, while across the Tasman Sea, New Zealand’s S&P/NZX 50 returned from a long weekend to rise 0.32% to 12,319.34.

The down under dollars were both weaker against the greenback, with the Aussie last off 0.07% at AUD 1.4043, and the Kiwi retreating 0.03% to NZD 1.5079.