Australia Markets closed

Asian Markets Rise; China's New Tech Board Plunges on Second Day of Trading

Investing.com - Asian markets rose in morning trade on Tuesday. However, stocks on China's science and technology innovation board plunged on their second day of trading.

China’s Shanghai Composite and the Shenzhen Component both inched up 0.2%.

22 out of 25 listed companies on the STAR Market traded lower in the morning. The fall came after some shares surged more than 500% on Monday. Average gains on the board were about 140%, according to Reuters.

Hong Kong’s Hang Seng Index traded 0.1% higher.

On the Sino-U.S. trade front, the South China Morning Post reported that U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are likely to travel to China next week for negotiations with Vice Premier Liu He.

Japan’s Nikkei 225 gained 1%. The country will publish its latest inflation data later in the day.

South Korea’s KOSPI climbed 0.5%.

Hyundai Motor slumped about 3% after the company announced earnings that missed expectations. Meanwhile, SK Hynix shares jumped after Goldman Sachs (NYSE:GS) said in a note over the weekend that it was now “more positive on global memory stock.”

LG Display also made headlines after the company said it would invest 3 trillion won ($2.6 billion) in its OLED panels production line. The company is due to report its second-quarter earnings later in the day.

Down under, Australia’s ASX 200 gained 0.4%.

Overnight, the U.S. markets inched up as traders braced for a busy week of U.S. corporate earnings. Investors also await the big July 30-31 FOMC meeting when the Fed is expected to cut its key federal funds rate.

Related Articles

UBS posts surprise second quarter profit boost

Lindt confirms 2019 outlook after business improves in the U.S

Stocks Advance Amid Low Volumes; Oil Steady: Markets Wrap