SINGAPORE — Shares of Chinese smartphone maker Xiaomi plunged in Friday morning trade after U.S. President Donald Trump’s administration placed the firm on a blacklist of alleged Chinese military companies.
In Friday morning trade, shares of Hong Kong-listed Xiaomi plunged about 9%. The broader Hang Seng Tech index also fell 1.82%, while the benchmark Hang Seng index edged down about 0.2%.
Hong Kong-listed shares of CNOOC, meanwhile, rose 1.22% — despite the U.S. Commerce Department announcing Thursday it had added the firm to its entity list, which essentially restricts firms from receiving specific goods made in the U.S.
Elsewhere, shares in Asia-Pacific were mixed in Friday trade as investors regionally reacted to the release of U.S. President-elect Joe Biden’s $1.9 trillion coronavirus rescue package.
Mainland Chinese stocks were higher in early trade: The Shanghai composite gained 0.32% while the Shenzhen component rose 0.138%.
In Japan, the Nikkei 225 dipped fractionally while the Topix index slipped 0.39% South Korea’s Kospi fell 0.94%.
Meanwhile, shares in Australia were higher, with the S&P/ASX 200 up 0.55%.
MSCI’s broadest index of Asia-Pacific shares traded 0.09% higher.
Biden’s Covid relief plan
U.S. President-elect Joe Biden on Thursday revealed details of a $1.9 trillion coronavirus rescue package.
Biden’s proposal, called the American Rescue Plan, includes some familiar stimulus measures in the hope of sustaining families and companies till vaccines are widely distributed. Some of the proposed measures include stimulus checks as well as unemployment support.
Currencies
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.247 following levels above 90.4 seen earlier.
The Japanese yen traded at 103.74 per dollar, stronger than levels above 104 against the greenback seen earlier this week. The Australian dollar changed hands at $0.7775, having seen levels below $0.77 earlier in the trading week.
— CNBC’s Tom Franck contributed to this report.
Source: CNBC