Meituan shares in Hong Kong jump more than 10% in mixed Asia trading

SINGAPORE — Shares in Chinese tech companies mostly rose in blended Asia-Pacific buying and selling on Monday, with oil selling prices slipping more than 2%.

In Monday early morning trade, shares of Meituan soared 10.81% while Tencent climbed 3.14%.

Meituan on Friday posted much better-than-predicted profits for the final three months of 2021. The firm’s income for the fourth quarter came in at 49.52 billion yuan ($7.78 billion), previously mentioned signify analyst anticipations for a 49.2 billion yuan print, according to info from Refinitiv Eikon.

The Hold Seng Tech index recovered from earlier losses as it traded 2% larger. Some Chinese tech shares, however, slipped: Xiaomi drop .83% whilst JD.com dropped 2.71%.

“Even if you search now, exactly where we see extremely important and sharp falls so that valuations now are at considerably additional acceptable amounts, I believe it truly is still fairly complicated for buyers … to truly create the bravery to go back in at these stages,” Mark Konyn, team main investment officer at AIA, informed CNBC’s “Squawk Box Asia” on Monday.

The broader Cling Seng index in Hong Kong innovative .68%.

Oil costs declined in the morning of Asia trading hrs, with international benchmark Brent crude futures down 2.59% to $117.52 for every barrel. U.S. crude futures slipped 2.92% to $110.57 for every barrel.

The U.S. dollar index, which tracks the greenback in opposition to a basket of its peers, was at 99.084 subsequent a latest climb from under 98.7.