HK stocks gain, pound regains some lost ground - RTHK
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HK stocks gain, pound regains some lost ground

2018-11-16 HKT 09:45
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  • The rise in oil prices helped the market find some inspiration. File photo: RTHK
    The rise in oil prices helped the market find some inspiration. File photo: RTHK
Hong Kong stocks finished the Friday morning session with small gains, tracking a positive lead from Wall Street, with energy firms supported by another lift in oil prices.

The Hang Seng Index added 0.3 percent, to 26,190.

On the mainland, the Shanghai Composite Index edged up 0.1 percent, to 2,669, while the Shenzhen Composite Index also gained 0.1 percent, to 1,399.

Most other Asian markets rose but fluctuated as investors weighed China-US trade speculation, while the pound struggled to recover from the previous day's Brexit bruising.

Tokyo was off 0.2 percent in the afternoon. Sydney gained 0.3 percent, Singapore added 0.9 percent, Seoul rose 0.4 percent and Manila surged 1.8 percent. Jakarta and Mumbai were also up.

"Maybe if we can get progress in trade relations, that could be a boost," Jason Browne, chief investment strategist at FundX Investment Group, told Bloomberg News.

However, he added that "the benefits are likely to get offset from expectations of continued (interest rate) hikes from the Fed".

And Stephen Innes, head of Asia-Pacific trade at OANDA, said it appeared the two sides were "looking to kick the can down the road until February to resolve some significant differences".

But he warned "the fear here is that this long and winding road to compromise could be dotted with numerous pratfalls".

Sterling dropped from a high of US$1.3072 Thursday to as low as US$1.2724, and has struggled to break back. The British currency regained some strength on Friday in Hong Kong, trading at HK$10.02 after dropping to HK$9.94 at one point overnight.

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Last updated: 2018-11-16 HKT 12:58