ZTO Express jumps in Hong Kong debut; Asia-Pacific markets trade mixed

SINGAPORE — Shares in Asia-Pacific traded mixed in Tuesday morning trade, as logistics firm ZTO Express soared in its Hong Kong debut. 

ZTO Express shares surged in the opening minutes of the debut in Hong Kong on Tuesday, jumping about 10% from the offer price of 218 Hong Kong dollars ($28.13) per share. The stock later pared some gains but was still more than 9% higher. The firm is the latest U.S.-listed Chinese company to debut in the city.

Meanwhile, the Hang Seng index in Hong Kong added 0.26%. Mainland Chinese stocks were also higher, with the Shanghai composite up 0.21% while the Shenzhen component added 0.572%.

In South Korea, the Kospi rose 0.64%. Australia’s S&P/ASX 200 added 0.24%.

Shares in Japan lagged, with the Nikkei 225 down 0.57% while the Topix index slipped 0.9%.

Overall, the MSCI Asia ex-Japan index traded 0.4% higher.

Meanwhile, shares of Taiwanese Apple suppliers Hon Hai Precision Industry, also known as Foxconn, Wistron and Pegatron were mixed in Tuesday trade. Hon Hai and Pegatron both gained at least 1% each, while Wistron dipped around 0.7%.

The moves came following a Reuters report that the firms plan to invest nearly $900 million in India in the next five years as part of a new production-linked incentive scheme. 

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.213 following last week’s gains from levels below 93.0.

The Japanese yen traded at 105.46 per dollar after touching levels around 105.6 yesterday. The Australian dollar changed hands at $0.7078 following levels below $0.705 seen yesterday.

Oil prices were lower in the morning of Asian trading hours, with international benchmark Brent crude futures down 0.49% to $42.22 per barrel. U.S. crude futures shed 0.47% to $40.41 per barrel.

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