Hong Kong Slips Again, Mainland Markets Rise

Hong Kong stocks finished the morning session in negative territory on Friday following a sell-off on Wall Street owing to ongoing trade war fears.

The Hang Seng Index fell 0.3 percent, to 29,217.

On the mainland, the Shanghai Composite Index bounced back, gaining 0.4 percent to 2,885, while the Shenzhen Composite Index rose 1 percent, to 1,593.

Tokyo ended the morning session 0.9 percent lower while Singapore shed 0.4 percent and Sydney was flat, while Manila, Wellington, Taipei and Jakarta were also lower.

Seoul was up slightly.

However, while trading floors are mostly a place of gloom, John Chong, head of the investment-banking arm Maybank Kim Eng, was more upbeat for the outlook.

"Asia is now better positioned to weather the volatility," he said at a conference in London.

"We believe investors will see real value emerging in Asian corporates after the recent market tantrums and should capitalise on the opportunity."

On currency markets, the pound held its ground after rising on the back of news that the Bank of England's top economist had backed lifting interest rates despite Brexit uncertainty. (AFP)

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