Hang Seng Index Rises, Mainland Markets Tumble

Hong Kong shares ended with healthy gains on Monday, tracking a record-breaking lead from Wall Street, with investors looking to the resumption of China-US trade talks this week.

The Hang Seng Index jumped 1 percent, to close at 29,892.

On the mainland, Shanghai Composite Index fell 0.8 percent, to 3,062 and the Shenzhen Composite Index shed 2.4 percent, to 1,625.

Other Asian markets were mixed as investors struggled to track another record lead from Wall Street.

Adding to the upward momentum was data showing the world's biggest economy expanded 3.2 percent in January-March, well up from forecasts and sharply higher than the 2.2 percent seen at the end of 2018.

"Friday's better-than-expected US first-quarter GDP reading... was mainly supported on strong trade and inventory data, but the key takeaway remains the underlying economy is well and is not nearing a recession anytime soon," said Oanda senior market analyst Edward Moya.

Tokyo is closed all week. Singapore added 1.3 percent, Seoul put on 1.7 percent and Wellington edged up 0.2 percent.

But Sydney slipped 0.4 percent, while Taipei and Jakarta also fell.

On currency markets the US dollar was down against the pound and euro on slightly improved risk appetite, while other higher-yielding units including the Australian dollar, South African rand and Indonesian rupiah also enjoyed support. (AFP)