Hong Kong Stocks Rise, Asian Markets Mixed

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2020-10-16 HKT 10:38

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  • Hong Kong stocks rallied after a drop of more than 2 percent on the previous day. File photo: RTHK

    Hong Kong stocks rallied after a drop of more than 2 percent on the previous day. File photo: RTHK

Hong Kong stocks went into the break with gains on Friday morning following the previous day's steep losses, though investors remain on edge over spiking virus cases and dimming hopes for a new US stimulus.

The Hang Seng Index rose 0.8 percent, to 24,347.

On the mainland, the Shanghai Composite Index lost 0.3 percent, to 3,322 while the Shenzhen Composite Index lost 1.1 percent, to 2,249.

Tokyo, Taipei and Singapore were also in positive territory. However, Sydney, Seoul, Manila, Jakarta and Wellington were all down.

Traders were also keeping tabs on developments in Washington as lawmakers struggle to find agreement on a new stimulus for the beleaguered US economy, with a disappointing jobs report highlighting the need for action.

"Of course, the markets' on-again off-again love affair with an impending stimulus torrent masks the fact that investor uncertainty is bristling ahead of an expected choppy period in terms of headline risk," said Axi's Stephen Innes.

Key issues, he said, included "Brexit, the US election, and perhaps the most horrifying troubles of all, the second wave of the coronavirus" that could lead to more lockdowns (AFP)

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Last updated: 2020-10-16 HKT 12:55