After Nippon India ETF Hang Seng BeES, the Mirae Asset Hang Seng TECH ETF was also locked at its upper circuit on Tuesday, January 13, tracking strong gains across Asian equity markets, led by Japan and Hong Kong.
The ETF, which mirrors the performance of technology-heavy stocks listed on the Hang Seng TECH Index, surged as risk appetite improved across Asia during early trade.
Asian markets rally drives ETF momentum
Asian equity markets traded firmly higher on Tuesday, setting the tone for global risk assets. Japan led regional gains, with the Japan 225 Index jumping over 3%, emerging as the strongest performer across major Asian benchmarks.
The rally in Japanese equities lifted overall investor sentiment, spilling over into other Asian markets, including Hong Kong, South Korea and China.
Hong Kong tech stocks support upside
Hong Kong markets also saw healthy buying interest, with the Hang Seng Index rising over 1% during the session. The positive momentum extended to technology and internet-linked stocks, which form the core constituents of the Hang Seng TECH Index tracked by the Mirae Asset ETF.
Broad-based buying in heavyweight Hong Kong stocks helped support gains in India-listed ETFs offering exposure to Chinese and Hong Kong technology companies.
Regional cues outweigh local factors
Mainland China equities traded marginally higher, while South Korea’s KOSPI extended gains, reinforcing the positive regional tone. The synchronised strength across Asian markets encouraged buying in international exposure products listed in India.
The move in Mirae Asset Hang Seng TECH ETF was driven entirely by global cues, with no India-specific development influencing the price action.
Why the ETF hit upper circuit
The sharp rise in underlying Asian tech indices, combined with strong buying interest and limited intraday liquidity, pushed the Mirae Asset Hang Seng TECH ETF to its upper circuit during Indian market hours.
As a passive ETF, its price movement closely tracks the underlying index, making it sensitive to sharp overnight or early-session moves in Asian markets.
