HSI Edges Up As Markets Track US Stimulus Talks

Hong Kong stocks extended the previous day's rally on Wednesday as investors track talks in Washington to draw up a new US stimulus package.

The Hang Seng Index edged up 0.6 percent, to 25,102.

On the mainland, Shanghai Composite Index added 0.2 percent, to 3,377 while the Shenzhen Composite Index rose 0.80 percent, to 2,318.

Seoul, Singapore and Manila each piled on more than 1 percent. Mumbai, Taipei and Jakarta were also in positive territory.

Tokyo, Sydney, Bangkok and Wellington were slightly lower.

A long-running uncertainty about the global economic outlook caused by the coronavirus pandemic and a weak US dollar helped push gold to new records after breaking the US$2,000 barrier for the first time, while Europe braces for a second wave of infections.

With key unemployment benefits and a ban on evictions already lapsed for millions of Americans, Republicans and Democrats remain far apart in talks on a fresh economic rescue package.

"The political wrangling has been going on for over one week, but dealers are still a little optimistic that an agreement will be reached," said David Madden at CMC Markets.

"It was reported that talks have been productive, so that has been keeping the bulls engaged." (AFP)