Technology, Leisure Stocks Lead Asian Equities Sharply Lower

MT Newswires · 01/30 23:40

10:36 AM EST, 01/30/2023 (MT Newswires) -- Tech stocks and leisure companies led Asian equities sharply lower in Monday morning trading, as American depositary receipts of Asian stocks fell 1.5% to 1,679.45 on the S&P Asia 50 ADR Index.

In North Asia, the gainers were led by real estate services provider Leju Holdings (LEJU) and educational services provider Four Seasons Education (FEDU), which rose 6.2% and 3.4%, respectively. They were followed by automotive ecommerce platform TuanChe (TC) and semiconductor company United Microelectronics (UMC), which increased 2.8% and 2.4%, respectively.

The decliners in North Asia were led by video-sharing site Bilibili (BILI) and travel company Tuniu (TOUR), which fell 9.7% and 7.9%, respectively. They were followed by content aggregator Qutoutiao (QTT) and casino and resort operator Melco Resorts & Entertainment (MLCO), which dropped 6.6% each.

In South Asia, the gainers were led by IT firm Sify Technologies (SIFY) and automaker Tata Motors (TTM), which rose 5.5% and 1.1%, respectively. They were followed by financial services company ICICI Bank (IBN) and IT firm Infosys (INFY), which were up 0.9% each.

The decliners in South Asia were led by digital entertainment company Sea Limited (SE) and biotech firm ASLAN Pharmaceuticals (ASLN), which lost 3.8% and 3.2%, respectively. They were followed by telecommunications operator PLDT (PHI) and business process management company WNS (WNS), which were down 1.4% and 0.3%, respectively.

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