Asian markets mixed as Baidu flops in Hong Kong debut

Asia Markets

Stocks sink in Hong Kong and Shanghai, while Japan’s Nikkei edges higher

Baidu co-founder and CEO Robin Li.


AFP/Getty Images

Asian markets were mixed in early trading Tuesday, as stocks in Hong Kong and mainland China sank after posting early-session gains.

Hong Kong’s Hang Seng index
HSI,
-1.33%

slid 1.3%, the Shanghai Composite
SHCOMP,
-1.10%

fell 1.2% and the smaller-cap Shenzhen Composite
399106,
-1.22%

declined 1.3%. Japan’s Nikkei 225
NIK,
-0.26%

edged 0.2% higher. South Korea’s Kospi
180721,
-0.77%

fell 0.4% and Australia’s S&P/ASX 200
XJO,
-0.11%

was little changed. Stocks fell in Malaysia
FBMKLCI,
-0.70%
,
but gained in Singapore
STI,
0.09%

and Taiwan
Y9999,
-0.02%
,
with Indonesia
JAKIDX,
-0.19%

flat.

Chinese internet-search giant Baidu made a disappointing debut in its $3 billion Hong Kong offering, with shares rising only slightly from its opening price. Baidu’s American Depository Receipts
BIDU,
3.36%

had jumped more than 3% on Monday.

U.S. stock benchmarks closed higher Monday. The Dow Jones Industrial Average 
DJIA,
0.32%

 rose 103.23 points, or 0.3%, to close at 32,731.20, snapping a two-session losing streak, while the S&P 500 
SPX,
0.70%

 added 27.49 points, or 0.7%, to close at 3,940.59, also ending a two-session slide. The Nasdaq Composite Index 
COMP,
1.23%

 advanced 162.31 points to finish at 13,377.54, a gain of 1.2%.