Tech Issues Lead American Depositary Receipts of Asian Stocks Lower in Wednesday Trading

Last Updated: Wednesday, December 7, 2022 10:35 AM | MT Newswires

Declining tech stocks were weighing down Asian equities in early trading Wednesday, as American depositary receipts of Asian stocks were moving 0.95% lower at 1,483.97 on the S&P Asia 50 ADR Index.

In North Asia, the gainers were led by travel company Tuniu (TOUR) and airline operator China Eastern Airlines (CEA), which climbed 9.6% and 8.2% respectively. They were followed by fintech company Pintec Technology (PT) and ad agency iClick Interactive Asia Group (ICLK), which rose 5.1% and 2.4% respectively.

The decliners in North Asia were led by educational services provider 51Talk Online Education Group (COE) and electric vehicle maker NIO (NIO), which fell 9.5% and 7.3% respectively. They were followed by consumer lending firm 360 DigiTech (QFIN) and internet and data center service provider VNET Group (VNET), which dropped 7.2% and 6.9% respectively.

In South Asia, the gainers were led by telecommunications operators PLDT (PHI) and Telekomunikasi Indonesia (TLK), which rose 1.7% and 1.3% respectively. They were followed by financial services companies ICICI Bank (IBN) and HDFC Bank (HDB), which were up 0.8% and 0.7% respectively.

The decliners in South Asia were led by digital entertainment company Sea Limited (SE) and biotech firm ASLAN Pharmaceuticals (ASLN), which dropped 1.9% and 1.6% respectively. They were followed by IT companies Sify Technologies (SIFY) and Infosys (INFY), which were down 1.5% and 0.5% respectively.

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