Chinese tech stocks in Hong Kong tumble after suspension of Didi app – .

Chinese tech stocks in Hong Kong tumble after suspension of Didi app – .

SINGAPORE – Asia-Pacific stocks were mixed in Monday morning trading, with Brent crude futures hovering near $ 76 ahead of another meeting between OPEC and its allies.
Tech stocks in Asia were mostly down. Shares of Chinese tech companies in Hong Kong fell on Monday morning as regulatory fears resurfaced.

Tencent shares fell 1.65% while Alibaba fell 2% and Meituan fell 3.42%. The larger Hang Seng TECH index in Hong Kong also fell 0.92%.

Shares of Japanese conglomerate SoftBank Group also plunged more than 5% in Monday morning trading.

The losses came after Chinese regulators claimed that Didi, backed by SoftBank, illegally collected users’ personal data and ordered app stores to stop offering Didi’s app. The move came just days after the rideshare giant debuted on the New York Stock Exchange.

“The app can no longer be downloaded in China, although existing users who had already downloaded and installed the app on their phones before the withdrawal can continue to use it,” Didi said in a statement on Sunday. The company announced earlier on Friday that it had suspended registration of new users in China.

Data from China and Australia

Investors also watched economic data from Australia and China.
The S & P / ASX 200 in Australia rose 0.1%. Australia’s retail sales data rose 0.4% in May on a seasonally adjusted basis, according to final retail trade figures released Monday by the Australian Bureau of Statistics. This was higher than May’s preliminary result of a 0.1% increase.
Mainland China stocks edged up, with the Shanghai composite rising 0.16% while the Shenzhen component rising 0.327%. Hong Kong’s Hang Seng Index was almost stable.
A private survey of China’s service sector activity in June showed that growth slowed sharply in June to a 14-month low. The Caixin / Markit Service Purchasing Managers Index for June, released on Monday, stood at 50.3 – a significant drop from the reading of 55.1 in May.

Nonetheless, it held up above the 50 level in PMI readings indicating growth on a monthly basis.

In Japan, the Nikkei 225 slipped 0.54% while the Topix index lost 0.42%. South Korea’s Kospi rose 0.42%. The MSCI’s largest Asia-Pacific stock index outside of Japan traded up 0.31%.

Oil is moving

Oil prices fell on the morning of trading hours in Asia, after rising late last week as OPEC and its allies, collectively known as OPEC +, failed to reach an agreement on policy of production.

Futures on international benchmark Brent crude slipped 0.3% to $ 75.96 per barrel after rising last week of less than $ 74.40 per barrel.

US crude futures fell 0.23% to $ 74.99 a barrel, but still largely held last week’s gains below $ 72.80 a barrel.

The group will meet again on Monday. All members except the United Arab Emirates have agreed to relax the cuts and extend them until the end of next year, according to Reuters citing an OPEC + source.


The US dollar index, which tracks the greenback against a basket of its peers, was at 92.293 after falling recently from above 92.4.

The Japanese yen was trading at 111.07 per dollar, stronger than levels above 111.2 against the greenback seen late last week. The Australian dollar changed hands at $ 0.7516 after rallying last week below $ 0.748.

– CNBC’s Sam Meredith and Christine Wang contributed to this report.


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