Asian markets give back some early gains; Tencent surges

  • Written by MarketWatch
  • Published in Economics

Asian markets jumped to early gains Thursday, but started to slide back as the trading day progressed.

Equities in the region got an initial boost after Wall Street’s recovery in Wednesday trading. Japan’s Nikkei NIK, +0.44%[1]   was off its morning high, but still in positive territory by midday in Tokyo.

Hong Kong’s Hang Seng Index HSI, -0.10%[2]   was treading water after giving up early gains. Tech giant Tencent Holdings Ltd. 0700, +4.49%[3]   was last up 4% after surging 7% in early trading following a positive quarterly earnings report. Tencent reported a 61% increase in year-over-year net profit[4], thanks largely to strong performances from its mobile gaming and mobile payments businesses.

South Korea’s Kospi SEU, +0.01%[5]   rose slightly despite a pullback from Samsung Electronics 005930, -0.30%[6]  .

Chinese indexes in Shanghai SHCOMP, -0.35%[7]   and Shenzhen 399106, -0.40%[8]   were modestly lower. Singapore’s Strait Times Index STI, +0.10%[9]   was in the green following three straight days of losses, and Malaysian stocks FTSE, -1.38%[10]   advanced as well, led by bank gains.

In Australia, the S&P/ASX 200 XJO, -0.35%[11]   was down after a new report showed unemployment rising more than expected in April[12]. New Zealand’s index NZ50GR, +0.69%...

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