June 7, 2023

Dubai Week

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Chinese technology stocks continued to rise. In two months, the Nikkei hit a record high

Chinese technology stocks continued to rise. In two months, the Nikkei hit a record high

Shares of Chinese technology companies are continuing their upward trajectory that began a week ago after the government’s promised regulatory reforms, especially for Internet companies, have boosted investor sentiment. The Hong Kong technology index is up more than 3% in Hong Kong today, although it has fallen 15% so far since the beginning of the year.
Shares of “Tencent” rose 2.68% and Ali Baba 7.08% and Medvan 4.44% today.
Shares of Chinese smartphone maker Xiaomi also rose significantly by 6.06% after announcing a 21.4% year-on-year increase in fourth-quarter earnings and its intention to repurchase shares in the open market. HK $ 10 billion in total price. ($ 1.28 billion).

Japanese stocks

On Wednesday, Japanese stocks closed at more than two-month highs, with technical stocks rising, following in the footsteps of their U.S. counterparts, and auto stocks rising with the yen falling.
The Japanese Nikkei index rose three percent to 28,040.16 points. The broader topics index rose 2.33 percent to 1978.70 points. Since January 18 both indices have closed at their highest levels and gained for the seventh consecutive session.
U.S. stocks ended higher last night, and the Nasdaq index rose 2 percent after shares of technology companies and other major companies made up for their losses in the previous period.
In Japan, shares of Fast Retailing, owner of Uniqlo clothing chain, rose 5.21 percent, while chip maker Tokyo Electron rose 3.8 percent, while SoftBank was up 7.22 percent.
Auto stocks rose 3.37 percent as the yen fell further. Toyota Motor rose 3.99 percent and Honda Motor rose 2.89 percent.

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