Hong Kong Stocks Stay Positive Amid Asian Retreat

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2020-07-31 HKT 09:49

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  • Data showing improvement in the Chinese economy helped the market. File photo: RTHK

    Data showing improvement in the Chinese economy helped the market. File photo: RTHK

Hong Kong stocks went into the break with slight gains on Friday following data pointing to further improvement in the Chinese economy.

The Hang Seng Index added 0.2 percent, to 24,764.

On the mainland, the Shanghai Composite Index dipped 0.1 percent to 3,285, while the Shenzhen Composite Index eased 0.3 percent to 2,234.

Other Asian markets were mainly down as the figures from Washington added to fears about the long-running economic impact of Covid-19 and overshadowed a better-than-forecast read on Chinese factory activity that suggested the country is slowly emerging from the pandemic crisis.

Tokyo lost 1.9 percent and Sydney 1.7 percent, while Seoul and Taipei were also in the red.

The already struggling US dollar took another step down across the board following the data.

The euro, helped by this month's massive EU stimulus agreement, built on its recent advance to sit at highs not seen since May 2018, while the yen – a traditional go-to unit in times of turmoil – was at its strongest level since March.

There is little reason for the dollar to recover in an environment where more and more investors in accelerating fashion throw aside the previously established assumption that the US will lead the recovery to global economic Nirvana," said Stephen Innes at AxiCorp.

Traders were also rattled by Trump's suggestion the election should be delayed owing to the risk of fraud by mail-in votes. (AFP)


Last updated: 2020-07-31 HKT 12:55