Asian stocks were trading mixed on Thursday after a Wall Street rally on expectations that bank turmoil would continue to subside and interest rates would soon reach their peak. Traders also considered the possibility of a split within Chinese giant Alibaba, viewing it as a positive development that may signal a calm in Beijing’s regulatory storm over tech firms.
As of 9.33 A.M. Bangkok time, the Hang Seng index dropped 0.50%. On Wednesday, Hong Kong markets climbed more than 2%, buoyed by Chinese internet giant Alibaba’s massive restructuring announcement.
In mainland China, the Shanghai Composite was 0.16% lower.
In Australia, the S&P/ASX 200 rose 1.01%, while the Nikkei 225 in Japan lost 0.79%.
South Korea’s Kospi was 0.35% higher.
Overnight in the United States, stock markets were closed higher, with tech firms leading the way. Easing worries over the health of the banking sector also contributed to the uptick in sentiment.
The Nasdaq Composite’s 1.8% rise was the largest among the three main indexes. Both the Dow and the S&P 500 increased by 1%, while the NASDAQ increased by 1.4%.
Shares of Alibaba in Hong Kong continued their upward trend after a conference call provided investors with additional information on the company’s strategy to spin off its businesses.
On the call, CEO Daniel Zhang said that after the split, the formerly functioning conglomerate would become a holding company. Traders and financiers are anticipating future development and profits on the basis that the plans have been given official sanction.
