Hong Kong stocks up over 4% as tech stocks rise

Following the meeting between Xi Jinping, the president of China, and Joe Biden, the president of the United States, the Asian markets were generally higher on Tuesday.

The Hang Seng Tech index, which increased by 7.3 per cent, helped Hong Kong’s Hang Seng index increase by 4.11 per cent and close at 18,343.12.

Shanghai Composite rose 1.64 per cent to 3,134.08 on mainland China, and Shenzhen Component rose 2.14 per cent to 11,351.33 despite disappointing industrial production and retail sales figures.

The S&P/ASX 200 index fell 0.07 per cent to 7,141.60 in Australia. As the country’s GDP unexpectedly fell in the third quarter, according to official figures, the Kospi in South Korea and the Nikkei 225 in Japan both increased.

After a bumpy afternoon, the major U.S. market indices closed lower overnight. The Dow Jones Industrial Average fell 211.16 points, or 0.6 per cent, to 33,536.70. The tech-heavy Nasdaq Composite was down 1.12% to 11,196.22, while the S&P 500 fell 0.89 per cent to 3,957.25.

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