Meituan shares in Hong Kong dive more than 10% in combined Asia trading

SINGAPORE– Shares in Chinese tech companies primarily increased in combined Asia-Pacific trading on Monday, with oil rates falling more than 2%.

In Monday early morning trade, shares of Meituan skyrocketed 10.81% while Tencent climbed up 3.14%.

Meituan on Friday published better-than-expected profits for the last 3 months of2021 The business’s profits for the 4th quarter can be found in at 49.52 billion yuan ($ 7.78 billion), above mean expert expectations for a 49.2 billion yuan print, according to information from Refinitiv Eikon.

The Hang Seng Tech index recuperated from earlier losses as it traded 2% greater. Some Chinese tech stocks, nevertheless, slipped: Xiaomi shed 0.83% while JD.com dropped 2.71%.

“Even if you look now, where we see very significant and sharp falls so that valuations now are at much more reasonable levels, I think it’s still quite difficult for investors … to really build the courage to go back in at these levels,” Mark Konyn, group chief financial investment officer at AIA, informed CNBC’s “Squawk Box Asia” on Monday.

The more comprehensive Hang Seng index in Hong Kong advanced 0.68%.

Oil rates decreased in the early morning of Asia trading hours, with worldwide standard Brent unrefined futures down 2.59% to $11752 per barrel. U.S. unrefined futures slipped 2.92% to $11057 per barrel.

The U.S. dollar index, which tracks the greenback versus a basket of its peers, was at 99.084 following a current climb from listed below 98.7.

The Japanese yen traded at 112.89 per dollar, weaker than levels listed below 120 seen versus the greenback recently. The Australian dollar was at $0.751, having actually increased from listed below $0.74 recently.