HSI Ends The Week In Red As Most Asian Markets Fall

Hong Kong shares finished the week with losses, in line with an Asia-wide sell-off, after data showed a massive 6.7 million Americans last week applied for unemployment benefits as the coronavirus shatters the global economy.

The Hang Seng Index fell 0.2 percent on Friday, to 23,236.

On the mainland, the benchmark Shanghai Composite Index dropped 0.6 percent, to 2,763, and the Shenzhen Composite Index fell 0.5 percent, to 1,689.

Equity markets were choppy after data showed 6.7 million US workers applied for unemployment benefits last week, on top of the 3.3 million the week before as the coronavirus forced businesses nationwide to close their doors.

Tokyo and Seoul ended barely moved. Sydney and Mumbai fell more than 1 percent, Singapore shed more than 2 percent and Bangkok dipped 0.4 percent.

But there were gains in Jakarta and New Zealand.

But as health officials warn the toll from the disease will get worse before the situation improves, experts are tipping further economic pain.

"With more and more investors turning their attention to the economic impact of the pandemic, these negative early indicators could weigh heavily on risk assets, at least short term," said Gorilla Trades strategist Ken Berman.

And Stephen Dover, at Franklin Templeton, told Bloomberg TV: "We are not going to have the real recovery in the market until what we think is the peak in the amount of infections and deaths. We are going to continue to have very wide volatility until we can get over this uncertainty." (AFP)