HONG KONG : Asian shares advanced on Wednesday with tech stocks particularly catching a lift following a strong session on Wall Street, while U.S. treasury yields held near multi-year highs ahead of closely watched inflation data this week.
MSCI's broadest index of Asia-Pacific shares outside Japan added 1per cent to its highest in two weeks, helped by a 3per cent gain in Hong Kong-listed tech stocks.All three main Wall Street indexes closed higher with tech stocks including Apple Inc and Microsoft Corp jumping, as did bank stocks supported by the prospect of higher U.S interest rates. [.
Gains in Hong Kong financials and tech stocks meant the local benchmark rose 2per cent, unfazed by tighter restrictions to combat a new wave of COVID-19.However, focus on U.S. inflation figures due Thursday is likely to cap further gains. Higher yields typically cause investors to move out of so called growth stocks, particularly technology names, into value stocks.
Source: News Formal (newsformal.com)
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