Hong Kong Stocks Join Asian Market Retreat

Hong Kong stocks finished the morning session in the red on Wednesday as dealers took a step back after four days of gains while awaiting the conclusion of a key Federal Reserve policy meeting later in the day.

The Hang Seng Index dropped 0.5 percent, to 29,313 by the break.

On the mainland, the Shanghai benchmark was down over 1 percent, to 3,059 while the Shenzhen Composite Index shed 1.7 percent, to 1,660.

Tokyo recovered in the late morning to head into the break slightly higher.

Sydney fell 0.4 percent, Seoul tumbled 1.1 percent and Singapore was off 0.7 percent, while Wellington and Manila were also in the red.

Adding to unease on trading floors is continued uncertainty surrounding Britain's drawn-out departure from the European Union.

Prime Minister Theresa May is expected to ask the bloc for an extension of the March 29 deadline for leaving, having seen her exit proposals killed off by MPs.

Despite the brewing crisis the pound continues to hold its own against the US dollar, with a long extension considered positive for the unit. (AFP)

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