SINGAPORE — Shares in Chinese tech firms mostly rose in mixed Asia-Pacific trading on Monday, with oil prices falling more than 2%.
Meituan on Friday posted better-than-expected revenue for the last three months of 2021. The company’s revenue for the fourth quarter came in at 49.52 billion yuan ($7.78 billion), above mean analyst expectations for a 49.2 billion yuan print, according to data from Refinitiv Eikon.
“Even if you look now, where we see very significant and sharp falls so that valuations now are at much more reasonable levels, I think it’s still quite difficult for investors … to really build the courage to go back in at these levels,” Mark Konyn, group chief investment officer at AIA, told CNBC’s “Squawk Box Asia” on Monday.
The broader Hang Seng index in Hong Kong advanced 1.3%.
Mixed Asia-Pacific markets
The broader Asia-Pacific markets struggled for direction in Monday trade.
Data released over the weekend showed Chinese industrial profits grew in the first two months of the year. Profits at China’s industrial firms rose 5.0% for the January to February period as compared with a year earlier, according to data released Sunday.
Investors have been watching for clues on policy easing from Chinese authorities amid concerns over the outlook for the economic powerhouse as it grapples with issues such as its worst Covid outbreak since the initial height of the pandemic in early 2020.
MSCI’s broadest index of Asia-Pacific outside Japan traded below the flatline.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 99.114 following a recent climb from below 98.7.
Correction: This article was updated to accurately reflect the moves of the Japanese yen during Asia trading hours on Monday.