Hong Kong, Shanghai stocks rally, Asia mixed - RTHK
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Hong Kong, Shanghai stocks rally, Asia mixed

2020-09-11 HKT 10:16
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  • Overnight fall on Wall Street played on the minds of Asian investors. File photo: RTHK
    Overnight fall on Wall Street played on the minds of Asian investors. File photo: RTHK
Hong Kong stocks brushed off another sharp sell-off on Wall Street, finishing Friday morning with slight gains.

The Hang Seng Index added 0.4 percent, to 24,416.

On the mainland, the Shanghai Composite Index gained 0.3 percent, to 3,246 while the Shenzhen Composite Index rose 0.7 percent, to 2,144.

Tokyo soared 0.7 percent, but Sydney, Seoul, Singapore and Wellington were all well down, while Taipei and Jakarta were also in the red.

Investors fretted over high valuations as Wall Street saw another tech-led rout overnight while the pound was struggling to fight its way out of a trough as sparring between Britain and the European Union.

Large tech firms have soared during the pandemic thanks to a surge in demand for digital services, streaming and e-commerce but there is a growing concern that the "work from home" trade may have been overblown.

"Ahead of the (November) US election we have been highlighting the potential for markets to become unsettled over September and October with many known unknowns entering crucial stages," said National Australia Bank's Rodrigo Catril.

"Brexit is back in focus... hopes of a new US fiscal stimulus have faded even more alongside an uptick in jobless claims, meanwhile the EU has surpassed the US in new Covid-19 cases. All of this against a backdrop of elevated equity prices." (AFP)

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Last updated: 2020-09-11 HKT 13:45