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Hong Kong, Shanghai rise on trade talk news

2019-03-15 HKT 09:54
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  • Hong Kong joined an Asian stocks rally while the pound was steady. File photo: RTHK
    Hong Kong joined an Asian stocks rally while the pound was steady. File photo: RTHK
Hong Kong shares rallied in the morning session on Friday, tracking gains across Asia, as Donald Trump said trade talks with China were "doing very well" while Beijing passed measures that address US complaints on foreign investment.

The Hang Seng Index rose almost 1 percent, to 29,124 by the break.

On the mainland, the Shanghai Composite Index rose 1.4 percent, to 3,036 and the Shenzhen Composite Index added 1.9 percent, to 1,648.

Most Asian markets rose while the pound held steady after British MPs voted to delay Brexit.

Tokyo went into the break one percent higher. Sydney rose 0.1 percent, Singapore put on 0.3 percent and Seoul climbed one percent. Wellington, Taipei and Jakarta were also up.

While traders remain uneasy about the global economy, there is some optimism.

"There is a pretty good backdrop going forward," said Margaret Patel, portfolio manager at Wells Fargo Asset Management.

"We're in a low-inflation environment for the foreseeable future and that really changes the equation about equity values -- they can go higher. The Fed isn't going to do much and inflation remains stubbornly low," she told Bloomberg TV.

On currency markets the pound stabilised after a week that saw wild fluctuations as Prime Minister Theresa May suffered a series of embarrassing defeats in parliament as she struggles to push through her Brexit deal. (AFP)

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Last updated: 2019-03-15 HKT 12:56