Hong Kong stocks slip on profit taking, Shanghai up - RTHK
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Hong Kong stocks slip on profit taking, Shanghai up

2020-01-20 HKT 09:47
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  • The Hong Kong market struggled to extend last week's gains. File photo: RTHK
    The Hong Kong market struggled to extend last week's gains. File photo: RTHK
Shares in Hong Kong ended the morning in negative territory as investors took profits following last week's gains.

The Hang Seng Index fell 0.4 percent, to 28,942.

The benchmark Shanghai Composite Index added 0.4 percent, to 3,088 and the Shenzhen Composite Index put on 0.7 percent to 1,819.

Still, traders remain upbeat and Tokyo ended the morning up 0.3 percent, while Sydney gained 0.3 percent. Seoul piled on more than 1 percent while Taipei was also up.

Singapore, Jakarta and Manila was in the red.

Friday's broadly healthy Chinese data provided some reassurance to traders, indicating a growth slowdown in the world's number two economy may have bottomed out, and suggesting this year could see some improvement.

"We are entering 2020 on a more stable footing with economies globally stabilising and looking like they're turning up, and the phase one trade deal," Anne Anderson, of UBS Asset Management, told Bloomberg TV. "So it's a bit more positive with regard to the economic fundamentals."

Oil prices rose more than 1 percent on supply concerns after exports from Libya, which has been riven by fighting between rival factions since a 2011 Nato-backed uprising, were blocked after a pipeline was shut down by armed forces. (AFP)

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Last updated: 2020-01-20 HKT 13:00