Higher In Asia: Chinese Tech Rally Counters Property Developer Weakness

Major Asia-Pac equity indices are 0.4% to 0.7% better off at typing, bucking a negative lead from Wall St.

• The Hang Seng Index deals 0.2% firmer at typing, on track to snap a four-session streak of losses. The property and financial sub-indices posed the most drag, with Chinese-linked developers and banks going offered amidst news of Chinese homebuyers refusing to make mortgage payments (“at least 100 projects in more than 50 cities” are affected, according to BBG reports). On the other hand, China-based tech outperformed, with the Hang Seng Tech Index 1.7% better off at writing.
• The CSI300 trades 0.5% higher, operating around session highs at typing. The industrials and healthcare sub-indices contributed the most to gains in the index, countering losses in the real estate (-2.3%) and financials (-1.7%) sub-gauges. Elsewhere, tech-related equities outperformed, with the ChiNext and STAR50 indices dealing 2.7% and 3.0% firmer apiece.
• The ASX200 deals 0.4% firmer, on track for a third consecutive daily gain. Commodity and tech-related equities lead the bid, with the S&P/ASX All Technology Index adding 1.7% at writing, while major miners sit between 2.4% to 3.9% better off.
• E-minis are flat to 0.1% weaker at typing, back from worst levels at around 0.7-0.8% lower apiece earlier in the session.