Asian markets make strong gains, but Xiaomi sputters after IPO

By Dow Jones Newswire

Reuters

Lei Jun, Xiaomi’s founder, chairman and CEO, hits a gong during the company’s listing at the Hong Kong Exchanges in Hong Kong on Monday.

Asian stocks made strong gains Monday, building on the Friday uptick seen in other global markets, including in the U.S.

Equities extended gains Monday after a strong U.S. jobs report late last week helped market participants look past recent escalations in trade tensions. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.20%  surged 2.5% after notching its first seven-week losing streak in 6½ years.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.28%   jumped out of the gate and finished up by 1.2% as the yen slipped against the dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1442%  . Electronics companies led the way, with Sony /zigman2/quotes/201361720/delayed JP:6758 +1.54%   and TDK /zigman2/quotes/208948266/delayed JP:6762 +0.75%  up more than 4% each, and Fujitsu /zigman2/quotes/208459594/delayed JP:6702 +0.81%  rising 5%. Murata Manufacturing  rallied 5.9% following a Nikkei report of price increases for its ceramic capacitors.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.03%   rose 1.3% following its first four-week losing streak since November 2016. Tencent /zigman2/quotes/204605823/delayed HK:700 -0.18%   was up 2.4% after disclosing plans to take its music business public in the U.S. Meanwhile, smartphone-component maker AAC Technologies /zigman2/quotes/201441510/delayed HK:2018 -1.54%   picked up 1.1%.

But shares of Chinese smartphone maker Xiaomi Corp. /zigman2/quotes/208140246/delayed HK:1810 0.00%  , which raised $4.7 billion in one of Hong Kong’s largest tech initial public offerings in recent years, fell on their debut. The lackluster start came after Xiaomi priced its IPO at the low end of an expected range, giving the company a valuation of $54 billion.

If Xiaomi shares perform poorly in the coming days and weeks, they could hurt the prospects of other tech companies who are preparing their own multibillion-dollar listings in the city. Xiaomi opened at HK$16.60, which was 2.4% lower than its IPO price of HK$17. Shares fell as low as HK$16 a share before closing at HK$16.62

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.85%   was up a further 0.2% following Friday’s latest 10½-year closing high, led by the Big Four bank stocks, including Commonwealth Bank /zigman2/quotes/200638713/delayed AU:CBA +2.31%   and National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB +1.39%  .

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.21%   gained 0.6% amid Samsung’s /zigman2/quotes/209800866/delayed KR:005930 +0.73%   bounce of 1.6%. But New Zealand’s NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.94%   eased 0.3% following another end-of-day spike Friday to a fresh record best.

Markets in Taiwan  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.19%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.79%    also posted gains.

— Ben St. Clair contributed to this report.

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