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Asia-Pacific stocks mixed; China tech stocks in Hong Kong remain under pressure

SINGAPORE — Shares in Asia-Pacific were mixed in Tuesday trade as several major Chinese tech stocks in Hong Kong remained under pressure following a tumble on Monday.

By Tuesday afternoon in Hong Kong, shares of Chinese tech giant Tencent fell 4.98% while Alibaba dropped 4.16% and Meituan declined 10.61%. The Hang Seng Tech index slipped 3.17%.

The broader Hang Seng index in Hong Kong fell 1.03%, seeing further losses after a more than 4% plunge on Monday on the back of regulatory fears surrounding China’s technology and private education sector.

Mainland Chinese stocks rose, with the Shanghai composite up 0.14% while the Shenzhen component hovered above the flatline. Industrial firms’ profits in China jumped 20% year-on-year in June, official data showed Tuesday. Still, that was a decline from the 36.4% year-on-year increase seen in May.

Elsewhere, the Nikkei 225 in Japan gained 0.53% while the Topix index advanced 0.67%. South Korea’s Kospi traded 0.61% higher.

In Australia, the S&P/ASX 200 climbed 0.55%.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.43%.

Overnight on Wall Street, the S&P 500 gained 0.24% to 4,422.30 while the Dow Jones Industrial Average edged 82.76 points higher to 35,144.31. The Nasdaq Composite was fractionally higher at 14,840.71. The gains left all three major indexes stateside closing at new record highs.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.587 after a recent fall from above 92.8.

The Japanese yen traded at 110.17 per dollar, stronger than levels around 110.5 seen against the greenback yesterday. The Australian dollar was at $0.7381, above levels below $0.736 seen yesterday.

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 0.48% to $74.86 per barrel. U.S. crude futures advanced 0.38% to $72.18 per barrel.

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