Hang Seng Index Ends Higher For The Week

Markets in the region finished mixed on Friday as vote counting continued in the United States and the Federal Reserve indicating it still had “tools” to support the world’s largest economy.

The Hang Seng Index in Hong Kong put on 17 points to close the day at 25,712.

Turnover was more than HK$164.5 billion.

Alibaba sank 4.3 percent to become the biggest loser of the day despite posting forecast-beating third quarter revenue, as investor focused on the report card showing slower sales.

The top gainer on the blue-chip index was Xiaomi, which rallied 3.9 percent after investors continued to cheer on the mainland tech firm surging ahead of Apple with the third most smartphone shipments in the third quarter according to a market research.

For the week, the local bourse surged more than six percent.

Across the border, the blue-chip CSI-300 index recouped earlier losses to end flat, while the Shanghai Composite Index retreated 0.2 percent. The Shenzhen Composite Index declined 0.8 percent.

Elsewhere, the Nikkei in Japan added 0.9 percent to reach a 29-year high. Singapore trimmed 0.2 percent but Seoul’s Kospi edged up 0.1 percent. Taiwan gained 0.4 percent, while Sydney was up 0.8 percent.

Cryptocurrencies jumped with Bitcoin soaring 10 percent to shoot past US$15,000 – the first time since January 2018.

And in currencies, the prospect of further monetary easing measures from the Fed weighed on the US dollar.