HK Stocks Shine But Covid Worries Cloud Region

Hong Kong shares posted gains on Friday but other Asian markets were lower as traders in the region weighed new lockdowns and the stimulus discussions in the US.

The Hang Seng Index began the day in positive territory and saw its gains widen in the afternoon.

The local benchmark closed 0.9 percent higher, at 24,386. Turnover was HK$113 billion.

Mainland financials were the day’s winners. China Construction Bank rallied 5.5 percent to become the top blue-chip gainer. ICBC and Bank of Communications each jumped more than 4 percent.

Tech shares rebounded, with heavyweight Tencent gaining 1.3 percent. Alibaba and Xiaomi each added more than 3 percent.

For the week, the Hang Seng Index put on 1.1 percent.

Markets across the border were mixed. The Shanghai Composite Index managed to claw back some of its losses to close up 0.1 percent. But the blue chip CSI-300 index slid almost 0.2 percent. The Shenzhen Composite index shed 0.4 percent.

Across the region, shares in Tokyo also finished lower, but losses were limited after the owner of Uniqlo, Fast Retailing, forecast upbeat annual earnings. The benchmark Nikkei 225 declined 0.4 percent.

Elsewhere, the Kospi in Seoul gave up 0.8 percent. Sydney retreated 0.5 percent. Taiwan is on a four-day losing streak, closing 0.6 percent lower.