- Shares in Chinese tech firms mostly rose in Monday trade, with Meituan soaring more than 11%.
- Oil prices declined in the afternoon of Asia trading hours, with international benchmark Brent crude futures down 3.32% to $116.65 per barrel. U.S. crude futures slipped 3.71% to $109.68 per barrel.
- 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.
SINGAPORE — Shares in Chinese tech firms mostly rose in mixed Asia-Pacific trading on Monday, with oil prices falling more than 3%.
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 Hang Seng index in Hong Kong advanced 1.31% to close at 21,684.97.
The broader Asia-Pacific markets struggled for direction on Monday.
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. On Monday, China's biggest city Shanghai began a two-stage lockdown.
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 99.296 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.