Chinese technology shares boom, Meituan up 11%; Oil prices plummeted
In trading on February 28, Meituan shares rose 10.81% while Tencent gained 3.14%. Last weekend, Meituan posted better-than-expected revenue for the last three months of 2021. The company’s revenue in the fourth quarter of 2021 came in at 49.52 billion yuan ($7.78 billion), higher than expectations. analyst.
The Hang Seng Tech Index also recovered from the previous crash. Not all Chinese tech stocks rose, however. Xiaomi fell 0.83% while JD.com fell 2.71%.
The movements of Asian stock markets were quite mixed. Hang Seng rose 0.68% but Taiwan’s Taiex led the region with a 1.65% drop as shares of chipmaker TSMC fell more than 2%.
Mainland China stocks also suffered significant losses as the Shanghai Composite fell 1.29% while Shenzhen also fell 1.51%.
Data released over the weekend also showed that China’s industrial profits rose in the first two months of the year. Profits at Chinese industrial companies rose 5% in the January-February period from a year earlier.
Investors are also watching for clues about policy easing from the Chinese authorities as concerns about China’s economic outlook grow as they grapple with serious issues such as climate change. spread due to Covid-19.
In Japan, Nikkei 225 fell 0.78% while Topix fell 0.48%. South Korea’s Kospi fell 0.45%.
Meanwhile, oil prices fell in the first trading session of the week. Accordingly, Brent oil lost 115 USD/barrel while WTI oil fell to more than 110 USD/barrel.
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