Hong Kong Rises as Alibaba Slips

Stocks across Asia-Pacific mostly declined on Tuesday, as Australia hiked its interest rate for the first time in more than a decade.

Markets in Japan, Shanghai and Singapore were shuttered for holiday.

The Japanese yen traded at 130.23 per dollar, as it stayed at levels weaker than 129.

The Hang Seng index in Hong Kong returned from a long weekend to inch ahead 12.5 points, or 0.1%, to 21,101.89.

Shares of Alibaba earlier fell more than 9%, before last paring losses to decline 1.4%.

The stock had fallen following unconfirmed rumors that linked the company’s founder Jack Ma to a national security investigation.

Chinese state media reported that the Hangzhou security bureau on April 25 took “criminal coercive measures” on an individual with the last name Ma over suspicion of using the internet to endanger national security.

The Australian dollar last declined to $0.7090, after jumping to levels around $0.7121 following the hike.

Australia’s central bank said Tuesday the cash rate will be increased by 25 basis points to 0.35% — the first rate hike since November 2010.

The hike was larger than the analyst estimate for 15 basis points to 0.25%, according to the median forecast of a Reuters poll of 32 economists.

In other markets

In Korea, the Kospi index lost 6.99 points, or 0.3%, to 2,680.46

In Taiwan, the Taiex index faltered 93.28 points, or 0.6%, 16,498.30

In New Zealand, the NZX 50 fell 108.44 points, or 0.9%, to 11,675.92.

In Australia, the ASX 200 lost 30.8 points, or 0.4%, to 7,316.19.