Live News: Asia Tech Stocks’ Recovery Gathers pace as Traders eagerly await U.S. payroll data
The rally in Asia-Pacific tech stocks gathered pace on Friday, as a global sell-off gave way to renewed optimism in growing stock markets.
Hong Kong’s Hang Seng Tech Index rose at least 1.8% after reversing heavy losses to gain more than 1% on Thursday afternoon.
Alibaba, the Chinese e-commerce group, gained as much as 5.5%, after strong gains on Thursday, while rival JD.com gained as much as 5.1%. GDS Holdings, a Chinese data center operator, rose 6.76%, reversing declines from the previous day.
Optimism from tech companies helped push the city’s benchmark Hang Seng index up to 1.5%.
In Australia, where the “buy now, pay later” provider Afterpay was up 4.1% after losing more than 10% on Thursday, the S & P / ASX 200 was up 1.3%.
In South Korea, the Kospi gained as much as 1.3 percent, while Japan’s Topix fell to a small loss in the afternoon after gains in the morning.
US futures rose slightly, as did the prices of gold and oil. The yield on the 10-year US Treasury bill fell one basis point to 1.72%.
In the United States, the biggest event on the economic horizon is the release of January payroll data. Stronger numbers could encourage the Federal Reserve to step up interest rate hikes, which would hit rate-sensitive tech stocks.