SINGAPORE — Shares of Chinese tech giant Alibaba in Hong Kong were in the spotlight once again on Monday. That came after Chinese regulators ordered Alibaba-affiliate Ant Group to rectify its businesses.
By afternoon in Hong Kong, shares of Alibaba listed in the city plunged 7.01%, adding to losses for the firm. The stock had also dived last Thursday following reports that Chinese regulators will probe the tech behemoth for suspected monopolistic behavior.
Shares of other Hong Kong-listed Chinese tech firms also declined: Tencent fell 4.77% while Meituan slipped 5.3%. The broader Hang Seng Tech index shed 3.27%.
Asia markets higher
Meanwhile, stocks in Asia edged higher on Monday as the final trading week of 2020 kicked off.
In Japan, the Nikkei 225 gained 0.56% while the Topix index advanced 0.38%. South Korea's Kospi rose 0.36%.
Mainland Chinese stocks edged higher by the afternoon, with the Shanghai composite up 0.3% while the Shenzhen component rose 0.435%. Hong Kong's Hang Seng index hovered above the flatline.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.28%.
Profits at Chinese industrial firms in November rose 15.5% as compared with a year earlier, according to data released by the country's National Bureau of Statistics over the weekend.
Markets in Australia and New Zealand are closed on Monday for a holiday.
In coronavirus developments, U.S. President Donald Trump signed a Covid relief and government funding bill days after he suggested he would block it.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.198 after declining from levels above 90.4 in recent days.
The Japanese yen traded at 103.56 per dollar after seeing levels below 103.4 against the greenback last week. The Australian dollar changed hands at $0.7609 after recovering from a plunge to levels below $0.75 last week.
Oil prices dipped in the afternoon of Asia trading hours, with international benchmark Brent crude futures down 0.43% to $51.07 per barrel. U.S. crude futures also declined 0.31% to $48.08 per barrel.
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