Hong Kong Stocks Rally As Asia Recovers

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2018-02-23 HKT 16:42

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  • Recovery of world oil prices energised local market. File photo: RTHK

    Recovery of world oil prices energised local market. File photo: RTHK

Hong Kong stocks finished on Friday with gains, recovering from the previous day's losses as traders tracked a positive lead from Wall Street, with energy firms boosted by rising oil prices.

The Hang Seng Index added 1 percent, to close at 31,267.

On the mainland, the benchmark Shanghai Composite Index climbed 0.6 percent, to 3,289 and the Shenzhen Composite Index gained 0.2 percent, to 1,775.

Most equities in Asia sank on Thursday after the Fed released minutes pointing towards a number of rate hikes this year. However, Friday saw a bounce-back as investors tracked their New York counterparts.

Tokyo ended 0.7 percent higher, helped by a weaker yen. Sydney put on 0.8 percent, Seoul and Singapore each jumped 1.5 percent, while Wellington, Taipei and Jakarta were also well in the black.

On forex markets the US dollar climbed against the euro, recovering some losses after European Central Bank minutes showed a cautious move towards an exit from crisis-era stimulus.

The broadly positive sentiment also provided a platform for the greenback to rise against the yen, which is usually the go-to currency in times of turmoil. (AFP)