Hong Kong, Mainland Markets Fall Sharply

Hong Kong stocks sank almost 2 percent in the morning session on Friday as worse-than-expected US jobs data fuelled concerns the surge in new infections in the country is knocking its economic recovery off track.

The Hang Seng Index sank 1.8 percent, to 24,801.

On the mainland, the Shanghai Composite Index slumped 2.2 percent, to 3,250 while the Shenzhen Composite Index tumbled 2.9 percent, to 2,184.

Financial markets in Japan are closed for a public holiday.

The mood in Asian markets were also being darkened by China-US tensions, stalled stimulus talks in Washington and a surge in virus cases.

Singapore was 0.9 percent lower, while Sydney fell 1 percent.

Manila, Jakarta and Wellington were around 0.5 percent lower, though Taipei edged up and Seoul was flat.

Gold – a go-to asset in times of turmoil – continued its march higher, coming within spitting distance of US$1,900 for the first time since late 2011. (AFP)

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